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May 29, 2019

“Living Together”–Ensuring Your Wishes Are Honored When You Haven’t Tied the Knot

Married couples are, by default, afforded certain interests in each other’s property, rights to make healthcare and financial decisions for each other in the event of an emergency, and rights to inherit from one another’s estates.

By contrast, New Hampshire does not recognize what is traditionally referred to as “common law marriage” during the lifetime of unmarried, cohabitating partners. The Probate Court may recognize common law marriage after the death of one partner in certain limited circumstances, but the process requires serious court intervention, is emotionally and financially burdensome, and may not produce the desired result.

Whether you and your partner have decided marriage isn’t right for you, or you are waiting to get married, you can avail yourselves of many of the above benefits by making sure a few key documents are in place:

  • A Cohabitation Agreement
  • Financial and Healthcare Powers of Attorney
  • A Will and/or Trust

A Cohabitation Agreement clarifies expectations regarding finances, assets, and debts by documenting how property will be held (jointly or individually), who is responsible for which debts, and whether income is to be shared or kept separately.

Financial and Healthcare Powers of Attorney allow you to appoint an agent to manage your finances and property and make medical decisions on your behalf if you are not capable of doing so yourself. These documents are powerful tools that allow your partner to continue managing your lives jointly even if you become temporarily or permanently incapacitated. Without these documents in place, these decisions will likely be left to your adult children or parents.

In New Hampshire, an unmarried partner is not entitled to inherit any assets from their partner’s estate unless they meet a very narrow “common law” exception. A Will and/or Trust is necessary to ensure that your assets are distributed according to your wishes.

Wescott Law, P.A. has a team of attorneys with the experience necessary to help you ensure your wishes are honored both during your lifetime and well beyond.

 

May 29, 2019