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Are you engaged to be married soon? Congratulations! It’s an exciting time; understandably, you want to start building a life together with your partner. However, it’s important to remember that until you are married, you don’t have any legal right to each other’s assets in the event of death or incapacity. If something happens to one of you, the other could find themselves in a difficult situation.
Many people start buying significant assets together during their engagement, such as a house and cars, and they combine bank accounts. Although, understandably, they want to start gaining the efficiencies that come with two people contributing towards these purchases, becoming financially dependent on someone you are not married to and don’t have any contractual relationship with can be risky. Here are some reasons why:
For these reasons, thinking about estate planning during your engagement is essential. Estate planning is planning what happens to your assets in the event of your death or incapacity. An estate plan is critical to ensure your assets are distributed according to your wishes.
Here are some steps you can take to start the estate planning process if you are combining finances with someone to whom you are not married:
By taking these steps, you can ensure that your assets are protected and that your wishes are carried out during your death or incapacity. Congratulations again on your engagement, and best of luck with your estate planning!
If you think it might be time to think through your estate plan, you can:
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Disclaimer: The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship.
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