What special problems do unmarried couples have to be concerned with in financial and estate planning?
Because the law grants certain benefits and favors to married couples and not to unmarried couples, the latter must take certain steps in precautions in taking care of their financial planning needs. Here is an overview of the special considerations and problems that apply to unmarried couples, and what can be done about them. It is a good idea to seek out the aid of legal and financial professionals who are familiar with the issues faced by family units in which there is no legal marriage. They do not automatically inherit each other’s property. Married couples who do not have a will have the state intestacy laws to back them up: unmarried couples must have a will to see that their wishes are met. They do not have the right to speak for each other in a medical crisis. If your life partner loses consciousness or capacity, someone will have to make the decision whether to go ahead with a medical procedure. That person should be you. But unless you have taken care of some legal paperwork
