“As times change and social norms continue to evolve, families are becoming increasingly varied in their dynamics,” observes the Raymond James Point of View, listing new realities, which include:
- legalization of same-sex marriage
- increase in non-married couples
- reproductive technology (in vitro fertilization)
- steady divorce rate
- adoption
“Your estate plan should address your family in its entirety – however large or complicated it may be, Point of View concludes. “The key is to think through who should inherit what in a way that feels equitable.”
At our Indianapolis estate planning and elder law firm, Rebecca W. Geyer & Associates, PC., we absolutely agree. A full range of options must be considered by families today; in fact, there are many legal options that were not in existence a generation ago.
Just one situation requiring special planning involves couples living together without getting married,sometimes to avoid the need for a prenuptial agreement. In fact, the U.S. Census Bureau estimates that the number of live-in couples in the U.S. rose 25% from the year 2000 to 2010. At Geyer Law, we see many clients in that situation, and the goal of our work is to put certain safeguards in place to ensure that neither companion is left out of each other’s estate planning when it comes to:
- staying in the house they shared but did not own together after one dies
- tax savings
- disposing of assets
- end-of-life decisions
- healthcare
- financial security for heirs
Important possible steps include:
- naming each other as beneficiaries on pensions, retirement accounts, and insurance policies (one or both partners might have children to consider or divorce decrees that dictate otherwise)
- creating revocable transfer-on-death deeds to real property
- giving each other durable power of attorney and healthcare power of attorney
- creating a co-habitation agreement to determine who is responsible for what and who gets what in the event of a break-up
At Geyer Law, our aim is to be a resource for clients, combining clear and concise legal recommendations with responsiveness and compassion in times that most definitely are a-changing!
