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Lombard estate planning attorneyOur society is becoming more accepting of non-traditional families which means that many couples no longer feel pressured to get married before starting a life together. In fact, the number of live-in couples in the U.S. rose 25 percent from 2000 to 2010. If you are in a committed relationship with someone but you are not legally married, you may miss out on some of the legal protections and advantages provided through marriage, particularly those related to inheritances and estate planning. However, with some preparation, it is possible to create an accurate estate plan which reflects your wishes even if you are not married.

Create a Will

An important step for anyone is creating a last will and testament. It is especially crucial for unmarried couples to be deliberate about their wills. In order to ensure that your assets are passed to your significant other when you die, you must specifically name your partner as your beneficiary on all pensions, retirement accounts, and insurance policies. Some retirement accounts have rules against nonfamily beneficiaries, so double check with an estate planning attorney that you are able to legally name your partner on all necessary accounts. You may need to designate your significant other as your power of attorney and sign an advance care directive if you wish him or her to make decisions about health care and finances if you ever become unwell.

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