5 Ways to Protect Yourself and Your Partner
If you already live in a State that recognizes same sex marriages or domestic partnerships or other unconventional relationships, that State's laws can protect you and your partner should a disability or death occur. But not always.
Even in those States and the vast majority of other States that do not recognize these relationships, there are five ways you can protect yourself and your partner. Learning about these will help you protect yourself and your partner. What most people desire is to protect themselves and their partners against unwanted intrusion or interference from well-meaning family members or friends.
1. Beneficiary Designations and Insurance Policies
You can name your partner as a beneficiary in policies or work benefits. Doing so can prevent unwanted intrusion of others seeking to control those benefits. Also, you may want to review with your car and homeowner's insurance agent whether your partner should be added as a named insured on those policies.
You can also use beneficiary designations to allow control and pass property to your partner in the event of an untimely death. This is especially important if you are not doing any estate planning or a Will.
2. Durable Powers of Attorney
If you want your partner to be present with you during illness or incapacity and to have the legal authority to make decisions for your assets and your care, then the only way to accomplish that is by having appropriate Durable Powers of Attorney. While you can do these on your own, they are legal documents and it is usually better to have the guidance of a qualified attorney.
3. Asset Titling
How you own title to various assets, property and accounts can go a long way in protecting yourself and partner. For example, if you have an older bank account that still includes a parent on the title, then that account will not be available for your partner should something happen to you. Checking and confirming all titles is crucial to making your wishes happen.
4. HIPAA Authorizations
If you are not going to have Durable Powers of Attorney, then consider having your partner as your designated HIPAA Personal Representative. This will permit your partner access to you if you are incapacitated and if properly drafted permit your partner to make decisions for you. Again, this helps to avoid unwanted intrusion or interference by others.
5. A Will
If you want certainty about what will occur should you die unexpectedly than you should consider having a properly drafted Will. The Will can solve many problems for you such as who your Executor will be and cover how your want your property distributed. In States that do not recognize unconventional relationships, this can make all the difference between the result you want and immense heartache for your partner.
If you combine these five ways, you can ensure that you and your partner will create the result you want in the future. Let me know if you have any questions about any of these and how they might apply to your situation.
Thank you for your interest and attention.
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