While marriage does inherently provide couples with certain benefits, such as joint tax filing, inheritance, hospital visits, social security benefits, and even immigration status, unmarried couples do not automatically have access to these benefits. This is why it is so important for married couples to create estate plans together. If you and your significant other believe you are ready to draft an estate plan curated to your exact situation and needs, please read on and reach out to our experienced firm to learn more. Here are some of the questions you may have:
What is an Attorney-in-Fact?
When you establish a Durable Power of Attorney, you can give your significant other the authority to make key decisions for you, should you ever become incapacitated. For example, if you are unable to choose the course of medical treatment that you would prefer, your significant other can do so for you. This is a huge relief to many people, as they know their significant other will always have their best interest in mind.
Additionally, if you become incapacitated, a Durable Power of Attorney can grant your significant other power to make your financial decisions as well. Lastly, you can also appoint your partner to be your healthcare proxy in an Advance Directive for Health Care, which allows them to make end-of-life decisions regarding life-sustaining treatment.
What is a digital estate plan?
Just as you carefully plan your regular estate by creating wills, establishing trusts, beneficiaries, and more, you must also account for your digital estate. For example, digital tokens, computers, external hard drives, smart devices, data packages, online accounts, intellectual property, and more should all be accounted for. Your digital assets may be a far greater part of your overall estate plan than you realize, so it is important you take a detailed inventory and speak with a knowledgeable estate planning attorney as soon as you can.
What is a letter of instruction?
Writing a letter of instruction is a great way to ensure things are handled as they should after your passing. For example, you might write your significant other a letter of instruction to inform him or her about potential bills to be paid, where you keep your assets, and all other information pertaining to how you would like your estate handled upon your passing. To ensure you include all the necessary information in this letter, reach out to our compassionate firm today.
Contact our experienced New Jersey firm
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 20 years. If you need experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.