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Why do middle-aged unmarried couples urgently need estate planning?

On Behalf of | Feb 3, 2025 | Estate Planning |

Estate planning is not just for the elderly or the wealthy. You must consider your future if you’re an unmarried middle-aged couple in your 40s. Life can throw unexpected curveballs; without proper planning, you might face legal and financial hurdles. From healthcare decisions to property rights, estate planning covers a wide range of important issues. It’s time to take control of your future and ensure your partner’s well-being.

What challenges do unmarried couples face in estate planning?

Unmarried couples face unique challenges compared to married couples. Without a legal marriage, your partner may not automatically inherit your assets or make decisions on your behalf if you are unable to.

  • Inheritance rights: New Jersey law does not grant automatic inheritance rights to unmarried partners. Without a will, your assets may go to your next of kin, not your partner.
  • Healthcare decisions: Under New Jersey law, only a legal spouse or family member can make healthcare decisions unless you designate your partner through a legal document like a healthcare proxy.
  • Financial management: Without proper planning, your partner may not have access to joint financial resources in times of need.

Addressing these concerns through proper estate planning is crucial. Drafting a will, creating a healthcare proxy, and setting up a financial power of attorney are essential steps.

Why is estate planning urgent for those in their 40s?

Your 40s often bring significant life changes and responsibilities that make estate planning urgent.

  • Health concerns: As you age, health issues can arise unexpectedly. Planning now ensures your partner can make medical decisions for you.
  • Financial security: Your 40s are often peak earning years, so you need to protect your assets and distribute them according to your wishes.
  • Dependents and obligations: If you have children or other dependents, estate planning helps secure their future and ensures they receive the support they need.

These steps can prevent potential legal issues and ensure your partner’s well-being.

How can you secure your future together?

Estate planning for unmarried middle-aged couples requires careful consideration of legal documents and financial strategies. Working with an attorney can provide clarity and peace of mind. They can guide you in drafting a will, setting up powers of attorney, and ensuring your wishes are legally binding. Protect your shared life and ensure your partner’s security by planning today.