When a couple gets married, they are automatically given certain benefits. Some of these benefits include hospital visits, collecting each other’s inheritance, social security benefits, joint taxes, and more. Some couples choose to remain unmarried. But, you can still access some of these benefits if you create a comprehensive estate plan with your partner. Read on to learn more about estate planning for unmarried couples in Michigan.
What is an Attorney-in-Fact?
A Power of Attorney is one of the most important documents you can make. When you create a Durable Power of Attorney, you are able to give your significant other the authority to make important decisions on your behalf in the event that you were to become incapacitated. For example, a Durable Power of Attorney can grant your significant other power to make important financial decisions on your behalf. You can also appoint your partner to be your healthcare proxy in an Advance Healthcare Directive. Doing so allows them to make end-of-life decisions regarding life-sustaining treatment.
What is a Digital Estate Plan?
Many people do not realize it, but in this day and age, we have to plan for our digital assets. Just as you carefully plan your regular estate by creating wills, establishing trusts, beneficiaries, and more, you must also account for your digital estate. For example, digital tokens, computers, external hard drives, smart devices, data packages, online accounts, intellectual property, and more should all be accounted for. Your digital assets may be a far greater part of your overall estate plan than you realize, so it is important you take a detailed inventory and speak with a knowledgeable estate planning attorney as soon as you can.
What is a Letter of Instruction?
Writing a letter of instruction is one of the best ways to ensure that after your passing, everything is handled as you intended. For example, you might write your significant other a letter of instruction to inform him or her about potential bills to be paid, where you keep your assets, and all other information pertaining to how you would like your estate handled upon your passing. In order to ensure that you cover all of your bases, you should consult an experienced estate planning attorney.
If you have any questions or concerns regarding estate planning for unmarried couples, contact our firm today.
Contact our Firm
Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family or estate-related matter, please do not hesitate to contact Collis, Griffor & Hendra today to schedule a consultation.