Video Series · Special Considerations
Considerations for unmarried and same sex couples
Unmarried and same-sex couples should use Wills and, if appropriate, Revocable Trusts to document their estate plan and avoid intestacy, and should consider naming each spouse as Executor and Trustee of the other's Will and Revocable Trust.
Estate planning considerations for unmarried and same-sex couples include:
- WillsA will is essential for unmarried couples who want their estate to pass to their partner. A will allows you to name your partner as the beneficiary of your assets, even if the state doesn't recognize them as your spouse.
- Revocable trustsA revocable trust can be used during your lifetime to protect your assets and ensure your wishes are carried out. You can name yourself as the trustee, or you can name an alternate trustee to take over if you become incapacitated.
- Joint ownershipYou can use joint ownership to define the scope of your shared property interests.
- Powers of attorneyYou can establish durable financial and healthcare powers of attorney to give your partner the legal authority to make decisions on your behalf if you are unable to.
- Beneficiary designationsYou should regularly update your beneficiary designations.
- HIPAA privacy authorizationThis form allows your designated health care power of attorney or trustee to access your health information and records.
- Estate taxesYou can consult a lawyer or tax professional to learn how to reduce estate taxes.
- Retirement accountsYou can roll over assets from your retirement account to your surviving spouse's account without a mandatory distribution.
- "Pay on Death" (POD) designationsYou can choose a beneficiary for a financial institution account, or for U.S. savings bonds.