It is becoming increasingly common for many unmarried couples to live together and build a life together, whether they are same sex or opposite sex couples. However, there are many real estate issues and opportunities that should be planned for in advance because these are challenges married couples do not need to worry about. If an unmarried couple is ready to tackle an estate plan, talk to a Palm Springs estate planning attorney to make sure that you formulate your estate plan correctly to address your needs.
Issues Unmarried Couples Face in Estate Resolution
Unmarried couples usually have the same estate goals that married couples do. They want to avoid the delay and costs that can come along with probate; they want to avoid the high estate taxes, and they want to ensure that their assets go to their partners or whomever else they like instead of predators and creditors. However, unlike married couples, unmarried couples do not have legal provisions that protect them under the laws. They cannot benefit from unlimited estate and marital deductions, they do not get tax-free retirement benefits, and they are not covered under intestacy laws, so if there is not a will in place, they may not receive property. In some cases, a will can actually be overridden too.
Contact Our Palm Springs Estate Planning Attorneys
To make sure that unmarried couples do not have to encounter intestacy laws, contact our Palm Springs estate planning attorney. There are other ways to make sure that an asset passes to a joint tenant that is surviving but special planning and wills need to be used. Contact us at 760-322-2275 to schedule a consultation.
