Single Couples' Estate Planning

Estate planning is one of those things we all know we should do, but many of us don't. And whether we're single, married, in a relationship, have children, don't have children or whatever, it can be critical to those you leave behind that you have your ducks in a row when you pass on. Even if you're like my grandfather and state aloud that you never plan on dying, it might be a good idea to hedge your bets and plan ahead just in case the man upstairs happens to call your number one day.

A Plan

One of the most important aspects in estate planning can be having an actual plan. It might be a little easier to come up with a plan when you're married since your spouse may be inheriting the majority of your assets after you have passed. But if you aren't married, things can get a bit complicated.

Family members, close to you or not, might arrive after your death, insisting upon a portion of or the whole of your estate. And while this might not be a concern while you're alive, people change, and things could quickly spin out of control once you have passed. Or the state could assume that since you were not legally married the person you may consider just as important to you as your spouse could be left with a legal tangle on his or her hands.

Therefore, it is important to designate in writing and in a legally binding document how you want your estate divided, and how, and to whom, you want certain items or assets to be bequeathed. Such a plan may also include designating to whom you want assets to go should both you and your partner happen to die at the same time. This acts as a sort of backup plan in a worst case scenario such as an airplane or automobile accident in which both you and the primary person listed to inherit your estate might be killed simultaneously.

A Clear Course of Action

It's important to remember that when you are outlining your plan of action that you try to make the transition when you pass as easy and seamless for your executor and beneficiaries as possible. Just because you know where assets are held, have your account numbers memorized, know where your safety deposit box and keys are located, and similar information related to your financial affairs, even the person or people closest to you may not, especially if you handle most of the financial affairs of the relationship.

Discussing these items with your main beneficiaries or executor ahead of time can help to avoid problems and confusion. Consider leaving detailed directions and instructions in your will that can outline a clear course of action for these people once you are gone and have taken all that relevant information with you.

An Executor

Part of your plan may include designating an executor. An executor may or may not be the person with whom you share your life intimately. It could actually be easier for your partner if you designate an outside party such as a lawyer or distant relative to handle your affairs once you have passed. It can be difficult enough to handle the passing of someone close to you, and having immediately to jump into the process of handling an estate may only be a further burden upon him or her at a time in which there is already feelings of heavy stress and mourning.

It can be important to discuss how you want to handle your estate with your executor ahead of time. You will likely also want to name a secondary executor should the primary person pass simultaneously or shortly after your death, or should they be incapacitated and unable to fulfill the duties of executor at that time.

Children and Pets

Since you are a single couple, there may or may not be children involved in your estate planning. And if children aren't involved, there might be pets, which to some can almost be like children anyway, so why not treat them as such in your estate planning?

While it might not be much of a stretch to assume that your partner or significant other might get custody of your children in the event of your death, if these children have another living birth parent, even if he or she is not in the picture in raising them, you may have legal issues involved in who would take custody. In such a situation, it would probably be wise to consult a lawyer to determine how custody would be handled.

If the children were born out of wedlock during the course of your single couple relationship, then it's likely your partner would assume custody. However, if you should both pass at the same time, it is important to your estate planning that someone be named who would care for you children after you are gone. The same would go for pets. You wouldn't want your sweet pets going to an animal shelter or worse in the event you and your partner should pass while on vacation.

As a final note on custody, there are a multitude of situations that could be encountered with the custody of children. If you are unsure how the custody of your child or children would be dealt with after your death, it is important to seek legal counsel on the matter to ensure an easy transition for your kids and that their best interest remains at the forefront of the matter.

Funeral Arrangements

Funeral arrangement might seem secondary in the course of your estate planning since you'll be dead anyway, but having clear direction for how your remains are to be dealt with could be important to those you leave behind. A funeral or interment can be costly, and if such arrangements are unimportant to you or you would prefer to be cremated, it could make a significant difference in the cost of such planning.

You probably don't want your loved ones wasting their money on excessively extravagant funeral arrangements just because they aren't sure what you would have preferred and would feel guilty not giving you the best send off possible. They would probably appreciate your graciousness and consideration in death by making their lives and decisions easier (not to mention cheaper) during this sad time.

Disclaimer:

The writer is not a lawyer or estate planner. The information provided in this article is for informational purposes only and does not constitute legal advice. For legal advice, readers should consult with their own legal representative. Any action taken by the reader due to the information provided in this article is solely at the reader's discretion.