Marriage is not for everyone. People may think that married couples have certain legal rights that unmarried couples do not have, however; that is not true. With comprehensive estate planning for unmarried couples, you can take care of what happens when you or your partner passes away and who takes care of you if you become incapacitated, just as married couples can. Collecting each other’s inheritance, social security benefits, and joint taxes are just a few of the benefits unmarried couples can receive through estate planning. Contact our experienced Pennsylvania estate attorneys to get started on your estate plan today. At Friedman Schuman, our legal team is dedicated to making this daunting process much easier for you and your partner. Continue reading to learn more about estate planning for unmarried couples in Pennsylvania:
What is the role of an attorney-in-fact in estate planning for unmarried couples in Pennsylvania?
An attorney-in-fact names your partner as a power of attorney. This authorizes your partner to act for you financially or medically in situations where you are unable to do so yourself. Additionally, by naming your partner as your healthcare proxy, it allows them to make end-of-life decisions for you.
What is a digital estate plan?
Technology has become a large part of our society. Because of this, you must include any digital estate in your plan in order for it to be complete. Things like iPads, computers, and online accounts that contain sensitive information or intellectual property that is stored electronically will have to be included in your estate plan.
If you are an unmarried couple interested in estate planning, contact Friedman Schuman today to discuss your estate and ensure that there is nothing missing from it.
What is the purpose of a letter of instruction?
A letter of instruction is a useful tool that allows your partner to manage the estate properly. A letter of instruction will normally outline your spouse’s wishes for the estate plan including passwords or passcodes to safes or online accounts, where assets may be located or hidden, potential bills that need to be paid, and more. This method is most useful to those whose partner does not know much about your finances or business dealings.
Why name my partner as “pay-on-death beneficiary?”
This can be used as a tool to transfer funds or re-title the account into your partner’s name. Your pay-on-death beneficiary can take a copy of your death certificate to the bank and can be helpful to use for any insurance policies, retirement plans, and bank accounts.
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Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.