Some couples remain in long-term committed relationships for years and even decades without getting married or registering as domestic partners. Couples who choose not to codify their relationship with the state often remain together and happy longer than a lot of married couples do.
If you’re in one of these relationships, there are still some legal documents you should put in place to protect yourself and your partner if one of you becomes seriously injured or ill or dies. Specifically, you should both have an estate plan.
Protection if you become incapacitated
One of the most important estate plan documents that adults of all ages should have is an advance directive for health care (living will). This is where, among other things, you designate your wishes for under what conditions you want life-prolonging measures taken if you have no chance of recovery and are unable to communicate.
Along with that, you should name a health care proxy who will have the authority to talk with your medical providers, advocate for your wishes and make decisions on specific matters that may not be covered in your advance directive. If your partner is the one you most trust to do that, by naming them, you can prevent conflict and confusion for your loved ones at a difficult time.
Assurance of financial protection if you predecease your partner
If you want your partner to receive the bulk of your assets if you die before them, it’s crucial to designate that in a will or revocable living trust. (You’ll still need a will if you have a living trust.) Your home, accounts and possibly other assets may be titled in both your names. However, assets that aren’t would likely be subject to Maryland’s “intestacy” laws if you die without a will.
Under intestacy laws, assets are divided based on familial relationship to spouses, registered domestic partners and family members related through biology or adoption like children and parents. Long-term romantic relationships aren’t recognized if they haven’t been codified. That means your partner could potentially be left with little or nothing.
These are just a few of the ways that you and your partner can protect each other and yourselves by each having an estate plan – even one consisting of just a few key documents. There are a number of other steps you can take as well. Your likely best first step is to get experienced estate planning guidance, given all that is at stake.