- Divorce
- Premarital Agreement5. Time for a Prenuptial Agreement: It’s quite surprising that people soon get remarried after their divorce is finalized. However, if you are thinking of remarriage then you must ensure that you have a prenuptial agreement in place beforehand.
- GuardianshipAs far as designating a guardian is concerned, if one of you expires then the surviving parent will get the guardianship. However, if you think that your ex-partner is not a good parent or have severe substance abuse issues then you can appoint a close friend or relative as a custodian for your young children along with specifying the reason behind doing so in your will. Also, you can set up a trust and choose an administrator to help with their education and survival funds.
- Estate PlanningWhile estate planning is necessary for every individual irrespective of the assets they own, it is a must for the unmarried couple too. For various Read More »
- Wills1. Last Will or a revocable trust: The first and foremost document required while estate planning to specify that how would you distribute your property after your demise. A will also designate an executor who is obligated under the state law to estimate and dispense your assets as mentioned by you in the will while paying your taxes and settling your debts. Apart from your representative, you can also appoint a custodian for your children in case they are minor and for the pets as well to ensure that they are being taken care of by your chosen ones in your chosen way.
- Trusts1. Protecting your real estate: A good estate plan is the one which avoids probate and ensures that your assets go to the people as desired by you as without it, the intestacy law will decide who will inherit your assets through probate. There are some methods to avoid probate. The first is you can place your assets in a ‘Living Trust’ or in a joint trust along with your partner. The trust ensures the transfer of the assets to the partner outside probate after your demise or incapacity as your partner would be the successor trustee to manage the estate after you.
- Power of AttorneyThe legal document defining these responsibilities and the authorized person to do that is called the power of attorney. It is especially required for the time when you yourself are not capable enough to make the decisions by yourself due to old age, severe sickness or an accident causing injuries which can lead to physical or mental incompetency.
- Probate
- Bankruptcy