If you and your partner have been in a long-term relationship that you expect to continue, you may have decided that you have no need to get married. That’s a choice that many couples make for a multitude of reasons. Often, it’s as simple as, “If it’s not broke, don’t fix it.”
If you have chosen not to codify the relationship with a marriage certificate, it’s still important to put some legal documents in place to protect yourselves if one of you becomes incapacitated or passes away before the other. Otherwise, an already stressful time can turn into one filled with confusion, turmoil and financial insecurity.
Protecting your own wishes
Serious illness or injury can strike anyone at any age. If you want your partner to have authority to oversee your medical care, you need to give each other power of attorney (POA) over medical decisions if one of you is incapacitated (for example, in a coma) and unable to make medical and end-of-life decisions for themselves. It’s also smart to have an advance medical directive with these wishes stated and to name your partner as your health care agent or proxy.
You may also want to give each other POA over financial decisions and transactions as well. This can help ensure that bills continue to get paid and other obligations are handled. (This is assuming that you want your partner, as opposed to someone else to handle these things.)
What if you die without a will?
Putting at least a will in place is essential if you want your partner to inherit your assets. If someone dies without a will (“intestate”), Virginia law determines how their assets are distributed. Beneficiaries are limited to those related to the deceased by marriage or by blood or adoption (for example, parents and children).
If you have jointly owned assets like a home or bank accounts with rights of survivorship or have named your partner as the beneficiary on an investment or retirement account, they can get those assets without a will. However, they wouldn’t have the right to inherit other assets – nor would you inherit their assets.
Every situation is unique. That’s why it’s wise to get individualized estate planning guidance to help ensure that your wishes for yourself and your partner are honored.