Estate Planning for Unmarried Couples in Oklahoma
Even if you want to leave a significant inheritance for your partner, unmarried couples get no automatic legal protections under Oklahoma estate law. This means that your partner will get no inheritance unless you put a valid plan in place to protect them. Estate planning is crucial for unmarried couples to protect each other and name each other as heirs. If you want to learn more about how you can protect your partner, keep reading below.
Why Is Estate Planning Important for Unmarried Couples?
Estate planning is extremely important for unmarried couples because the law provides you with virtually no protections. Oklahoma’s intestate succession laws default to legal spouses and blood relatives. Partners, even those who may have lived together for years, might not be able to legally receive an inheritance after one partner’s death.
With proper estate planning, an unmarried couple can:
- Name each other as beneficiaries
- Allow each other to make medical decisions on their behalf
- Appoint each other to make decisions in the event of incapacitation
- Avoid potential probate challenges and complications
Without proper planning, your partner may be completely left out of receiving any assets from your estate.
Which Estate Planning Documents Should an Unmarried Couple Use?
Most comprehensive estate plans include a combination of two or more legal documents. Often, a single document is not enough to properly handle all aspects of your estate, especially for unmarried couples. Some of the documents you may need are:
Will
By executing a valid will, you can name your partner as the beneficiary of your estate. Additionally, a will can be used to name guardians for any minor children that you and your partner have together.
Revocable Living Trust
Revocable living trusts have become common estate planning tools for a variety of reasons. A trust can allow you to avoid probate and have your assets pass to your partner quickly and efficiently after your death. You can also name your partner as both a beneficiary and successor trustee so that they can manage the trust if you become incapacitated.
Advance Health Directive and Healthcare Power of Attorney
These documents allow you to make your own end-of-life healthcare decisions, and you can also give your partner the authority to make healthcare decisions on your behalf. Without these documents, the doctors are likely to turn to your blood relatives to make these decisions. In fact, your partner may be completely left out.
Durable Power of Attorney
This allows you to appoint your partner as your agent to handle financial and other decisions if you become incapacitated. Without it, your accounts may be essentially frozen until a court can intervene and appoint someone to handle your affairs for you.
Get Help Protecting Your Partner
Since unmarried couples are provided no real legal protections, you need sound legal documents in place to ensure your wishes are carried out. With the proper estate plan, you can provide for your partner while also protecting them from potential legal challenges. Contact Helton Law Firm today to let us help you put a comprehensive plan in place that meets your needs and helps you achieve your goals.
