Law

Planning The Estate When You Are Unmarried -Practical Tips!

Many couples do not consider marriage an integral part of their life. They may not be subjected to all the rights and protections provided to legal spouses. This is especially applicable in the event of death. There are various rights provided to spouses that are applicable after the establishment of marriage certificates. 

If the couple is not married, they will be required to be extra careful in planning their estate so that the process of protection is ensured. An estate lawyer in Ridgeland helps in managing your estate effectively. 

Taxes

No federal or state income tax forms available provide permission for unmarried couples to file their taxes together. If one of the couples gets health insurance from his or her employer for both, the company contribution is subject to taxes. The spouse is not subjected to taxes on health insurance, but unmarried couples are required to do so. In the event of an incapacitation audit, certain documents are prepared. In case one of the couples faces capacitation, the other one can take action for their significant other. Certain steps are required to protect the partner who survived so that he or she can take hold of the dead partner’s property and ensure its proper management. 

Requirement of an estate plan.

The preparation for couples requires a well-drafted estate plan so that the married couple can enjoy protection even add their debts. In the case of married spouses, all the remaining estate is given to the surviving spouse. However, in the case of couples who do not get married, the estate may be given to siblings, children, parents, or other close relatives. It is not necessarily the significant other. This generally happens when One of the unmarried partners is dead without any will. The courts will decide the division of assets. The procedure may become complicated if the estate has various heirs.

Preparation for incapacitation

Estate planning lawyers help create a power of attorney to take care of all health-related matters so that unmarried partners can make essential medical or health-related decisions on behalf of the other partner. Along with that, living bills are also prepared for the betterment of both partners. In deciding matters related to finances, a power of attorney helps both partners exercise a certain level of control over the financial matters and show that the estate and properties are protected. 

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