Estate Planning for Non-Married Couples in Memphis
Very extensive article that is must read for all couples contemplating any financial commitments prior to marriage. This includes buying a house with a boyfriend or girlfriend or even a fiance. You’re not legally married until you’re legally married. Our Memphis Estate Planning Lawyers recommend consulting with your attorney before making any financial commitments with someone that is not your spouse. Laws that protect spouses from and individuals creditors don’t apply to unmarried persons. While the article focuses also on same-sex marriage which is not recognized in TN, all advice is applicable to un-married couples contemplating marriages or simply in a long-term committed relationship.
Kathleen Ford Bay(Attorney at Law, Blazier, Christensen, Bigelow, and Virr, P.C.) has recently published her article entitled Untying the Knot– Until Death and Taxes Do Us Part, RPPT eREPORT (Feb. 2008).
To be cautious and practical, unmarried couples the following should meet with one of our Memphis Estate Planning Lawyers to discuss such issues as:
- Wills (avoid testamentary libel);
- Financial powers of attorney;
- Health or medical powers of attorney;
- Advanced Directives (Living Wills);
- Revocable trusts and transfer of assets to such trusts (consider the mortgage company; insurance on assets; title insurance on home);
- Declaration or nomination of guardian or conservator and stating who can never be a guardian;
- Beneficiary designations (insurable interest) and non-probate property;
- Providing for children (adoption and other issues); and
- Funeral Directive.***
Source of post: Wills, Trusts, Estates Law Prof Blog
