It is impossible to predict what will happen in the future, but having strong legal and financial plans in place allow one to have a measure of control over certain factors. For Texas couples that are not married, it is especially important to have an estate plan in place. If one partner dies, it allows the other to have a right to inherit estate assets without complication. A strong and thoughtful plan can provide peace of mind and security.
Planning for the future
When domestic partners have been together for years, there is likely a strong financial interdependence. This is especially true when they jointly own a business or one works closely with the other. The sudden death of a partner can expose the other to financial complications, loss of employment and issues with other heirs and beneficiaries.
State laws will determine what happens to one’s estate if he or she dies without a will. Even if the desire of the deceased is to provide for his or her loved one, this should be clearly outlined in a will. This important estate planning document can ensure that assets go to the right parties at some point in the future.
Don’t delay
Texas couples often delay estate planning because they don’t see the need for one. In reality, this effort is important for all couples, particularly those who may not have inheritance rights after the death of a partner. Working closely with an experienced attorney allows one to understand how to create an effective estate plan.