Increasingly, long-term, happily committed couples are choosing not to let the law define their relationship. What’s important to remember, however, is that if you aren’t married or registered as domestic partners (which is still an option here in Maryland), you don’t have the protections of the law when it comes to inheritance.
Under Maryland intestacy law, surviving spouses and registered domestic partners are automatically entitled to a share of the other’s estate even if they die without a will (as are children and other relatives, depending on who survives the deceased). However, there’s no intestacy provision for any non-relatives, no matter how close their relationship is.
How to make sure your partner inherits your assets
You can ensure that your major assets, like your home and accounts, are titled in such a way that when one partner dies, the surviving partner inherits them. However, by also naming your partner as the beneficiary in your will or revocable living trust, you’ve got an added layer of protection and can avoid disputes with relatives.
Further, you likely have plenty of non-titled assets like furniture, artwork, jewelry and even sentimental items. You may want each other to have those if one of you predeceases the other. You may want some assets to go to specific family members as well. These are both good reasons to have at least a will in place.
Giving your partner powers of attorney
An estate plan can also help you ensure that your partner is the one making decisions on your behalf if you become incapacitated. For example, by naming your partner as your health care agent and giving them power of attorney (POA) over medical decisions if you were to become seriously injured or ill, they won’t have to battle with doctors or family members to have the decision-making ability you want them to have.
You can also give them financial POA over any part of your accounts, property or other assets you choose. This can help you avoid getting into financial trouble like non-payment of bills if you’re unable to handle these transactions.