Who is the person you would call first if something went wrong?
For some, the answer is a spouse. When you are not married, it might be a longtime partner, sibling, adult child, close friend, or someone else who has become your go-to person over the years. They know your preferences. They know where things are. They may even be the person everyone around you would expect to step in if you needed help.
Estate planning raises an important question: Does that person actually have the authority you would want them to have?
Being Your “Person” and Having Legal Authority Are Different Things
A close relationship doesn’t necessarily give someone the legal authority to handle financial or healthcare matters on your behalf.
That distinction can be particularly important for someone who is unmarried. The person you trust most may not be a relative at all, or you may have several relatives and know that only one of them would truly understand what you would want.
Estate planning allows you to make those choices intentionally rather than relying on assumptions about who would step in.
Your “Person” Does Not Have to Do Everything
The person you trust with one responsibility may not be the best fit for another.
Your sister might understand your healthcare wishes better than anyone, while a close friend with a financial background may be better suited to handle money and paperwork. Someone else may be the person you would trust to eventually serve as executor or trustee.
Thinking about the responsibilities separately can make these decisions easier. Instead of asking, “Who is the one person I trust with everything?” consider who is best suited for each role.
It is also worth thinking about backup choices. The person you would choose today may be unable or unwilling to serve when the time comes.
What About the Person You Want to Inherit?
The same issue can arise with inheritance.
If you are unmarried, the people you consider family may not necessarily be the people who would inherit under state law if you die without an estate plan. A longtime partner, close friend, godchild, niece or nephew, or charitable organization may be important to you, but those relationships do not automatically determine where your property goes.
A will, trust, beneficiary designation, or other planning tool may be used to provide for the people and causes you choose, depending on the asset and your overall plan.
This is one area where assumptions can create unintended results. If there is someone you specifically want to provide for, it is worth making sure your estate plan actually reflects that intention.
Make Sure Your Person Knows They Are Your Person
Naming someone in an estate planning document is important, but a conversation is valuable too.
Someone who may eventually make healthcare decisions should have some understanding of your wishes. A person you have chosen to handle financial matters should know that you have selected them and be comfortable taking on the responsibility.
You don’t have to share every detail of your finances or estate plan. However, the person you are relying on should not discover for the first time during an emergency that you expected them to step into an important role.
Put the Relationship Into the Plan
Being unmarried can make it especially important to distinguish between the people who are legally related to you and the people you personally rely on.
If you already know who your “person” is, estate planning gives you the opportunity to decide what role you actually want that individual to have. If different people make sense for different responsibilities, your plan can reflect that too.
The goal is not to fit your relationships into a traditional family structure. It is to make sure the people you trust have the appropriate authority when you want them to, and that your wishes are clearly documented rather than left to assumption.
Our experienced team at TrustCounsel can help you consider these important decisions and put the appropriate legal documents in place. Please visit our contact page to locate the nearest office or complete our online form, and a member of our team will follow up to assist with scheduling a consultation.