The average modern family is more like the American Sitcom Modern Family. Couples decide for a variety of reasons not to be married and some may instead elect to become state registered domestic partners. While some details certainly vary for each couple, here are my top 5 ways to protect your partner when you are not married.
- Hospital visitation rights: making sure that a non-spouse has hospital visitation rights that are HIPAA compliant is critical. If an accident occurs and you are not able to give permission after you are admitted to the hospital, your partner may not be able to find out what is happening.
- Durable Power of Attorney: A durable power of attorney can give your partner access to your bank accounts if you are incapacitated so that they can pay bills and act in your stead on financial matters.
- Advance Directive: An Oregon Advance Directive, also known as a health care power of attorney, allows you to choose someone to make certain end-of-life decisions for you if you are unable to make the decisions for yourself. This is especially important if you aren’t married.
- Revocable Living Trust: a revocable living trust might make sense, and depending on your finances and desired beneficiaries, this could be a joint trust, but many unmarried couples decide on a separate revocable living trust for each of them. Both options avoid probate for all assets within the trust, can plan for estate taxes, and can create a flexible plan that meets your personal goals and objectives.
- Disposition of Remains: This form will allow your partner, or whomever else you choose, to gain control of your remains after you die so that you can be cremated or buried according to your wishes.
There is no one-size-fits all in estate planning and all options should be carefully considered, but I see these 5 items as some of the most important and overlooked parts of an estate plan for an unmarried couple. Call my office for more information on how to properly plan for your future at 541-233-7441.