Young Couples Life Planning Concerns
Ah, young love…
As lives merge, legal issues can and do, as well.
Whether married, living together, or enjoying a long, committed relationship, there are legal situations that need to be considered.
How property is owned, merged, or intended to be used can become a problem if one member of the couple gets injured or has a financial situation that may begin to infringe on other assets. If you are in a relationship that warrants, you will want to give legal authority to allow health decisions to be made or even allow information to be given to each other. Married or not, health decisions and authority to know medical information is limited to only the person and those to who it is specifically granted.
Unfortunately, I had a client who unexpectedly lost her husband and had to go through the time and expense probate to be able to keep the house she called her home. I have dealt with worse situations where, despite a long relationship, the death of one resulted in the survivor losing a lot of interest in shared property because it was in the decedent’s name. The was also a lot of confusion about what creditors she was responsible to pay or not.
Like all Life Planning solutions, it is important to understand your situation in order to know options that are appropriate.
Young Couples Life Planning Options
My starting point for every client is the same, regardless of your Life Planning Stage. That point is execution of proper decision-making documents…the 5 Essential Documents. These documents include:
- Healthcare Power of Attorney/Appointment of Authorized Healthcare Representative
- Release of HIPAA Restrictions (HIPAA Waiver)
- Living Will or other Advanced Medical Directive
- Financial/Property (General Durable) Power of Attorney
- Funeral Planning Memo
At this point in your shared life with another, property interests may be mingled or at least not as clear as to legal ownership as it should be. Sometimes this can result in one party losing use or financial interest in property. Other times, it might require a legal action, like Probate, be conducted to claim interest or to be paid back for money paid in.
A proper Life Planning Solution can save the time, money, and headache of Probate. Plus, it can protect an interest of an unmarried person who would not otherwise have a legally recognizable interest. To determine what you solution options might be right for you, I give clients 5 Essential Questions to consider. They give you conversational topics to discuss to that will identify some priorities for your Life Planning Solution.
Your situation is far more unique than you may realize. Let’s talk about it.
Call (219) 230-3600 or (765) 999-1823 to schedule an appointment, or
Visit meetme.so/rgskadberg to schedule an initial phone call appointment.