A lot of people are wondering who exactly needs a will. But, another misconception is that a will is only necessary for married couples. Although married people must indeed put together a will after they have been married, it is also important for unmarried couples. Read on to know why:
Different Default Privileges
If a couple is married, both partners get some privileges including the ability to share health insurance, some tax benefits, automatic succession and inheritance rights, and others. These rights are not afforded to common-law marriage in some states. Couples who are waiting longer to get married should take steps to protect their rights as a couple. They can write up a will to do just that. You can get more information on this from CoilLaw,LLC.
Naming the Heir
Unmarried couples don’t have the privilege to allow automatic succession and inheritance rights. Thus, if one will pass away without a will, their assets would be given to the closest living blood relative, no matter how long the couple has been together or how estranged the relative may be. A will allows unmarried couples to name their partner as their heir so they can get the assets if something happens to the other one.
Giving Support to Non-0biological Children
If one of the partners has kids from a previous relationship, the children have no legal ties to the nonparent partner in the relationship. Sure, you must talk to a family law attorney about legally adopting or getting guardianship for these kids; however, this is another matter altogether.
If a partner wants to provide for these kids if their biological parent passes away, then a will must be written that names the children as inheritors. This is quite essential if both parties pass. Again, without a will, the assets will g to the next of kin.