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Lombard estate planning attorneyAccording to an analysis of information from the U.S. Census Bureau, the number of couples who choose to live together without getting married skyrocketed from 230,000 in 1995 to over 1.5 million today – a 550 percent increase. Included in these numbers are older couples who choose to cohabit without the various legal protections that a legally recognized marriage offers. This lack of protection can have a significant impact on rights of inheritance and other estate planning concerns.

At our firm, we have helped hundreds of families develop an estate plan to meet their unique needs, and we understand the challenges that unmarried, cohabitating couples may face. There are steps that both younger and older couples who cohabit should consider to ensure that if something should happen to one of them, the other is both financially and legally protected.

Transferring Assets

Couples who are married are entitled to tax-free transfers of at least a significant portion of assets upon the death of one spouse. Cohabiting couples, however, are not afforded that same benefit. That is why it is essential for unmarried couples to have a will in place that clearly specifies what their wishes are when it comes to those assets. It may also be a smart move to consider a living trust, which allows for more control during your lifetime and can help to avoid the costs and uncertainty of probate.

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