More and more these days people are choosing not to get married and that’s ok…if a couple chooses not to get married, they don’t receive the same financial benefit when it comes to estate planning in Arizona.  However, below are 3 tips for unmarried couples when it comes to family trust in Phoenix that are in your favor.

If you are living with your partner and you are not married, you need to make sure that your assets will pass to them if one of you dies.  You can do this by naming your partner as the beneficiary on everything from retirement accounts to insurance policies.  Some of these accounts have rules however as to who can be named as your beneficiary so make sure to do your research on the account first.  If you don’t have a will and you have named your partner as your beneficiary on everything, be sure to draw up a will as well.  This will ensure that your partner receives everything you would like them to receive.

If you or your partner were to fall ill, it can be a very trying and sometimes even traumatic experience.  It is very important that you appoint your partner in writing.  If you don’t, your family can appoint someone else to make your health and financial decisions.  You will need two separate documents if this happens.

According to Steven J.J. Weisman, a practicing attorney who teaches a course on financial planning for nontraditional families at Bentley University in Waltham, Mass, you will need a durable power of attorney to designate your partner to manage your financial affairs and an advance care directive so your significant other can manage your health care decisions.  “Without these, there could be a court battle with the family,” he warns.  These are not one-size-fits-all documents, adds Weisman. “You should have an attorney do this. It is not a big-ticket item.”

Finally, if you are living in a house that your partner owns, his or her family can kick you out if something happens to them.  If the house is not titled correctly, it can make it difficult for your partner to inherit it.  It may be the easiest to add both names to the title if both partners have contributed equally and you can add a layer of protection through a joint tenancy with right of survivorship.  That document will keep the property out of the legal process called probate if one of you dies, says Weisman. But the designation can have tax implications, so check with your accountant.

If only one partner has put in all the money toward the house, put the other partner in the will, says Weisman. “You can always change the will if you split up.” If you are concerned about family challenging your will, he suggests creating a “revocable living trust” which can help ward off challenges to the estate.

So, if getting married truly isn’t for you and you are planning on spending your life with your partner.  Keeps these tips in mind when planning your estate in Arizona.

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