If you are in a non-traditional relationship, estate planning is a must. Non-traditional estate planning has become a major issue in this day and age, with so many people living in a wide range of different types of relationships. This particularly includes individuals who live together without the benefits associated with a traditional marriage.
The Reality of No Estate Planning
The stark reality of a lack of non-traditional estate planning is that when you pass, your loved one will not benefit in any way, shape or form from your estate. For example, assume that you’ve lived with your partner for years, decades even. You pass on. Despite the length of your relationship, despite the commitment to your significant other, all of your assets will pass so a family member or family members as set forth in the statutes of the commonwealth of Pennsylvania.
Side Arrangements with Family Members are No Substitute for Non-Traditional Estate Planning
Time and time again, a person in a non-traditional relationship makes what can best be described as a side deal or side arrangement with a family member (or family members) in lieu of proper estate planning. A person requests that a family member “take care of” his or her significant partner when the individual seeking help from a relative passes away. The person asks a family member to make sure his or her relationship partner “gets my property” when death occurs. This may sound like you. And, if it does you are not alone.
The odds of a family member honoring your desires informally expressed in this manner are not guaranteed. Moreover, there are tremendous legal and tax consequences associated with this type of informal “arrangement.” In short, side arrangements with family members do not work. They simply are no substitute for bona fide non-traditional estate planning.
The Necessity of Legal Assistance
Estate planning for a person in a non-traditional relationship can be quite complex. Informal arrangements won’t work. In addition, it is crucial that the legal documents necessary to create a suitable estate plan properly are prepared. Therefore, if you are in a non-traditional relationship, you must be proactive and retain the services of a skilled estate attorney. An estate lawyer will schedule a no-cost initial consultation with you to discuss your options.