People in non-traditional relationships often end up with a double whammy when a death occurs. There is the expected grief and sense of loss coupled with a realization that your relationship may not be recognized. This means if there's no will, you probably will be excluded from asset distribution. It's not just same sex couples we're talking about here either. An unmarried heterosexual couple living together can have problems as well. Each state has its own definition of who is your heir should you fail to appoint one in a will.
When someone dies without a will, their property and assets are divided up by the state and distributed to the deceased's legal heirs by a court-appointed administrator. This process is called intestate succession. Most states define legal heir as a spouse or blood relative. Everything you own will be split among these heirs. Without a will stating otherwise a domestic partner, boyfriend or girlfriend will not be considered a legal heir and will not be included in the distribution of assets.
A will is an important tool you can use to protect your partner. Another good option may be a living trust. A trust can be setup to manage the distribution of your assets to the heirs of your choice. All will appreciate whatever you can do to help your survivors get through the initial period after your death. Bank accounts can easily have a POD designation added to them. Your partner's name with POD after it will be added to the account. This simply means that the balance of the account would go to the person designated, paid on death of the primary account holder.
Remember that your non-spouse is very vulnerable in the event of your death. If there are children in the relationship it is even more vital that proper measures be taken to safeguard your family. Proper planning for non-traditional families should include a will, Power of Attorney, living will, and a Durable Power of Attorney for Health Care. This will not only protect your family; it protects you.
When someone dies without a will, their property and assets are divided up by the state and distributed to the deceased's legal heirs by a court-appointed administrator. This process is called intestate succession. Most states define legal heir as a spouse or blood relative. Everything you own will be split among these heirs. Without a will stating otherwise a domestic partner, boyfriend or girlfriend will not be considered a legal heir and will not be included in the distribution of assets.
A will is an important tool you can use to protect your partner. Another good option may be a living trust. A trust can be setup to manage the distribution of your assets to the heirs of your choice. All will appreciate whatever you can do to help your survivors get through the initial period after your death. Bank accounts can easily have a POD designation added to them. Your partner's name with POD after it will be added to the account. This simply means that the balance of the account would go to the person designated, paid on death of the primary account holder.
Remember that your non-spouse is very vulnerable in the event of your death. If there are children in the relationship it is even more vital that proper measures be taken to safeguard your family. Proper planning for non-traditional families should include a will, Power of Attorney, living will, and a Durable Power of Attorney for Health Care. This will not only protect your family; it protects you.
