Til Death or Divorce: Eventually, Every Relationship Comes to an End
Every relationship evolves over time, and some changes are exciting!
While it’s not so exciting to plan for some other kinds of relationship changes — shifts like a breakup, divorce, or the passing of a loved one — these things do happen. Proactive planning means that no matter what happens, you’re in for smoother transitions that protect you, your partner, your kids (if you have them), and your assets. Life comes at us fast — let’s ensure you’re prepared for anything.
Balancing the Nuances of Love and Law
Yes, love brings joy and shared dreams for the future, but it also brings some significant legal considerations. The law centers around default provisions for asset distribution for married couples, but they may not reflect your personal preferences or the life you’ve built together.
For unmarried couples, the absence of a plan can leave you vulnerable, risking the loss of assets and the ability to make crucial decisions about children, property, or medical care.
Let’s explore a few vital areas to see how thoughtful planning can make all the difference.
Property Ownership
Imagine you and your partner are in love but not married. You buy a home and make some other significant purchases together. Without clear documentation of ownership rights, disputes can arise if you break up.
Remember — in the US, almost half of marriages end in divorce. No matter how much you love someone today, breakups do happen. If you’re not married and one of you passes away, things can get even trickier still. The surviving partner might face challenges claiming any jointly purchased property. If you own property with someone else or want to ensure your property ends up with the right person in the event of your death, you’ll need a legally binding plan to protect your property now.
Healthcare Decisions and Medical Directives
In the unfortunate event of a medical emergency (where one partner becomes incapacitated), not having the proper legal documentation makes it very difficult for the other partner to make important healthcare decisions. This might delay medical treatment or create disagreements among family members about the best course of action, adding stress and complications during an already tough time. With the right documents in place, it is possible to avoid such stress and chaos.
Project what Matters Most — Your Children
For couples with children, establishing valid guardianship arrangements is especially critical in an almost unimaginable case where both parents are unable to care for them or in the event of their passing. Without a designated guardian, there’s a risk that your children may end up with caregivers who don’t share your values or wishes, potentially leading to custody disputes and emotional turmoil for both the children and your extended family.
Suppose you and your partner separate without agreeing on a guardian for your children. In that case, the situation can become even more complex, especially if one of you has documented your preferred guardian and the other hasn’t.
Traditional wills don’t always adequately address the needs of minor children. That’s why we offer downloadable Kids’ Plan Documents to help make it as easy and affordable as possible to safeguard your children’s future. You want to ensure your children are always cared for by people you know, love, and trust — never with strangers or getting caught in the court system. Planning, paired with the proper documents, can make that possible.
Understand Investments and Business Interests
If you and your partner have joint business interests or investments, you must create a plan to address the future of these assets if your relationship were to change. With clear instructions, both partners can ensure smooth management and a secure transfer of ownership. Protect your business interests and ensure you can stay financially stable, no matter how your relationship with your partner changes or evolves.
“If you fail to plan, you are planning to fail!”
We must agree with Benjamin Franklin on that one. Proactive estate planning protects against legal and financial uncertainties. No one can predict the future; even the strongest relationships will eventually end with one partner's passing. Whether a relationship ends by choice or by death, individuals and families must be sure they’re legally protected. Safeguard assets, ensure your wishes are honored, and enjoy peace of mind for yourself and your loved ones.
Not sure how to start the conversation with your partner? We get it.
Start by talking about how important it is to safeguard the life you’re building together. Just as relationships evolve, your wishes and how they are documented should, too. Continuously engaging in open dialogue and revisiting your plans every so often will ensure that all parties are on the same page and that you have the legal documents to validate all aspects.
I Can Help.
If you are trying to decide how estate planning can work for you, your partner, and your family set up an appointment with me. Let’s safeguard the people you love the most from unnecessary taxes, burdens, and stress. We’ll help you put a plan in place so it works for you when it’s needed most.
