Nowadays the number of unmarried couples and same-sex couples has grown to considerable numbers. Estate planning is as important to them as to any other married couple. But in many states unmarried couples have to face a lot of difficulties regarding transfer of ownership or any other asset management procedure. If you start planning beforehand then these challenges can be dealt with effectively. It is always better to hire an LA Probate Law professional who can advise you on estate planning and estate management. Law experts have the latest information regarding modification or adoption of laws. They always seem to know the best solutions in order to solve probate complexities. They will help you to save unnecessary costs and pointless delays regarding your probate case. Unmarried couples or same-sex partners often are publicized in the wrong way by the media to gain focus and high TRPs. A lawyer will save you from this unwanted attention and will mitigate your problems smoothly.
The reasons for estate planning are many. You may want to pass your ancestral property to your children at a specific age and in a specific way. Proper estate planning will provide you with such liberties as you will be able to choose your beneficiaries and safeguard your assets from inefficient heirs. Her inabilities can prove very costly if you are running a successful business. Your once prosperous business will start running under losses and its growth will also be affected. So make sure you plan ahead and decide who to give your family business so that it runs commendably even after your demise. Disability or a critical illness can ruin anybody’s life. It may happen to you or your family. There may be instances where your heirs may suffer from disability at some point of time. You have to consider all these hassles before opting for your customized estate plan. Creditors are another major problem. They can take away everything from your children if you do not pay their debts in the proper manner. If you are a married couple then the state has a number of legal provisions which will protect you and your family during a crisis. Unfortunately unmarried couples do not have many such privileges in most states. If you are in the state of California, then most of the rights are given to unmarried or same sex couples. You will know more if you start gathering information about LA Probate Law. States like Oregon, Nevada and Washington give similar rights to married and unmarried couples. The states of Massachusetts, Connecticut, Washington, Lowa, Vermont and New Hampshire recognize same-sex marriages. These states also perform these marriages. States like Hawaii, Maine and Wisconsin do not provide equal rights to same sex couples. Places like New York, Rhode Island and Maryland recognize these marriages but they do not allow couples to get married in their states. Still, there are many states which either prohibit these kinds of marriages or have constitutional bans.
Many states have various laws related to intestacy and wills. A typical example is either person of the unmarried couple passes away without leaving a valid Will. The surviving person will not be approved as a beneficiary. He/she will not be automatically entitled to receive the assets of the deceased individual as in the case of a married couple. Moreover the surviving person cannot contest the Will if he/she finds out that the Will as written by the deceased individual has not given a fair share to the surviving person. You may not be aware of all the specifications of joint property, powers of attorney, living wills or health care benefits. Hire a lawyer who has knowledge and experience in the field of LA Probate Law. You might not know that even when your partner has mentioned you as the beneficiary, the family members can come forward and contest the Will. In such cases, lawyers generally ask their clients to add a clause called “In Terrorem’’. This clause nullifies any demand of any family member or friend against the Will. They will be automatically deterred as this clause does not give any person the right to challenge the Will.
In 1996, the Congress passed the Federal Defense of marriage Act. This also called DOMA and the laws are specifically based on same sex marriage. Various states of the United States of America have their own laws regarding DOMA. These laws are in complete conflict with the constitutional laws of the USA. During major issues, the Supreme Court gets to decide whether to follow DOMA Laws or the U.S constitution. The retirement plans also have various clauses. When one of the partners dies, then the accumulated amount of 401k plan and any other pension plans are normally distributed in a single lump sum amount to the living partner. But in case of unmarried couples, the retirement plans may treat the partner as the non-spousal beneficiary. There have been improvements in the plans over the years like the non-spousal beneficiary is not forced to take the whole amount immediately after the death of the spouse. But still unmarried couples do not receive the same benefits as married couples. Knowing LA Probate Law in detail will also aid you in choosing the right retirement plans. A professional lawyer will be able to guide you so that you plan your retirement to provide maximum benefits to your unmarried partner or same sex partner.
Latest posts by Scott Schomer, Estate Planning Attorney (see all)
- Veterans Benefits Can Provide Much Needed Assistance - May 23, 2019
- What Is a Medi-Cal Trust? - May 23, 2019
- Estate Planning Procrastination Had Devastating Impact on LA Legend Morrison - May 21, 2019