Unmarried couples don’t: Inherit each other’s property automatically. Married couples have the state intestacy laws to support them if they do not have a will. Under the law, the surviving spouse will inherit (at the minimum) a fraction of the deceased spouse’s property. Have the privilege to speak for one another in a medical crisis. In the case that your life partner loses capacity or consciousness, someone will have to make the go-ahead decision for a medical purpose. It should be you, but if you haven’t filed certain paperwork, you may not have the ability to do so. Have the privilege to handle…

Here are some important steps to take for couples that are unmarried: Draft wills. The chances of the intentions being followed through with after a death are greater if both partners make wills. Without wills, the probability of the unmarried surviving partner having no rights is more likely. Think about owning property together. This is a way to guarantee that property will pass to the other joint owner at the time of the other’s death due to the right of survivorship. Make a durable power of attorney. This will permit the partner to sign papers and checks and take care of other financial issues on his/her…

In the case of death, life insurance will provide a form of income for your dependents, children or whoever is your beneficiary. Because of this, married couples usually require more life insurance than singles. Having someone dependent on your income will determine if you need to have life insurance. If someone such as a child, parent, spouse or other individual is dependent on your income, you should have life insurance. The following are situations where life insurance is necessary: Single parents or families with young children or other dependents. The younger your children, the more insurance is necessary. Insurance should be in proportion…

All organizations that you had correspondence with while using your unmarried name should be notified. You can begin with the following list: The Social Security Administration Department of Motor Vehicles Post Office Investment and bank accounts Employer Voter’s registration office School alumni offices Credit cards and loans Club memberships Retirement accounts Subscriptions Passport office Insurance agents

Definitely. When an important life event occurs such as marriage, it should be updated. If not, your spouse and other beneficiaries will not get what is meant for them at the time of your death.

You are entitled to file a joint income tax return upon marriage. Although this simplifies the filing process, you will more than likely discover that your tax bill is either higher or lower than when you were single. It’s higher when you file together, as more of your income is taxed in the higher tax brackets. This is commonly known as the marriage tax penalty. In 2003, a tax law that intended to reduce the marriage penalty went into effect, but this law didn’t get rid of the penalty for higher bracket taxpayers. Once married, you may not file separately in…

Yes. After marriage, there are many ways of owning property. They differ from state to state. Sole tenancy, which is when one individual has ownership. The property is passed on in accordance with the will at death. Joint tenancy, with the privilege of survivorship. Two or more people have equal ownership. The property is passed to the joint owner upon death. This should be used to effectively avoid probate. Tenancy in common, property has joint ownership with the privilege of survivorship. The property is passed on according to your will upon death. Tenancy by the entirety, like joint tenancy, with privilege of survivorship. This…