Couples who live together without getting married don't enjoy the same legal protections that married counterparts have, especially if one of you gets really sick or passes away.
About five years into their relationship, Kirchhoff and her partner — who also is a CFP — signed a variety of documents that will dictate what happens if one of them either becomes incapacitated or passes away.Remember, "estate" simply refers to everything you own — i.e., financial accounts, real estate and your belongings.
"But if I'm not married, the default wouldn't be my partner," Rosenbauer said. "It might be my kids or my parents or siblings, but my partner who isn't legally my spouse would be out of the picture." If I'm not married, the default [heir] wouldn't be my partner. It might be my kids or my parents or siblings, but my partner who isn't legally my spouse would be out of the picture.If no beneficiary is listed, where the money goes depends partly on the retirement plan agreement and on state law. Typically, though, those retirement assets would end up being included in your assets that are subject to probate.
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