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Law Offices Of Dwight W. Clark L.L.C.
Law Offices Of Dwight W. Clark L.L.C.

Call Today to Schedule an Appointment

Local 410-505-8680 | Toll Free 888-523-6081

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Estate planning for long-term partners

On Behalf of | Jul 26, 2024 | Estate Planning |

A lot of couples see no reason to get a marriage certificate or even register as domestic partners to codify their relationship for the state. For any number of reasons, they prefer to keep their commitment solely to each other. 

Nonetheless, if you’re in a committed, long-term relationship, you’ll need to put some estate plan documents in place. These are necessary to protect yourselves and each other if a health crisis strikes or when one of you predeceases the other. 

Why you don’t want to die intestate

If you have no valid will in place in die, which is known as “dying intestate,” Maryland state law determines how your assets are divided. The law only includes spouses, registered domestic partners and other biological or adopted/adoptive family members like children and parents.

You can make sure that your partner gets large assets like your home and bank, investment and retirement accounts if you own them jointly or if you designate your partner as the beneficiary. However, they’ll have no legal claim to any other assets (like jewelry, artwork, collectibles and business interests).

By having a will and potentially one or more trusts in place, you can leave your partner whatever assets you choose. Another benefit of having this laid out clearly in legal documents is that there’s less chance of your relatives claiming assets you didn’t want them to have. (If you have minor children or other dependents, you may be required to make provisions for them.)

Protecting your wishes if you become incapacitated

Some of the most important estate plan documents address who will handle things should you become seriously injured or ill and end-of-life decisions have to be made. In Maryland, you can designate your wishes for things like what kind of life-sustaining treatments you want to be continued if your condition is terminal or irreversible in an advance directive for health care (living will). 

However, it’s also important to name a health care agent to advocate for those wishes and make decisions that it may not specifically address. Again, by naming your partner, if you choose to, you can help prevent family conflicts because you’ve already indicated whom you want to be the final decision-maker.

These are just a few ways you and your partner can look after each other, even after one of you is no longer around. Others may be applicable. With experienced legal guidance, you can explore all of them.

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