In Australia, estate planning when you're unmarried partners presents unique challenges. It's important to understand your legal rights, as doing so protects your partner in the event that something happens to you.
Estate Planning and De Facto Relationships
A de facto relationship is one that exists between two people who live together but are not married. This includes same-sex couples. In the absence of marriage, you may need to take additional steps to ensure your estate is divided as you expect in the event of your death.
As a member of a de facto couple, many of your rights align with those of a married couple. However, if you don't have the right will and other documents in place, you may find that intestacy laws don't favour you in the same way as a married person. As such, it's important to discuss your wants and needs with an estate planning lawyer.
Superannuation Benefits
In Australia, superannuation benefits don't automatically form a part of your estate. Because of this, you need the right legal documents in place to ensure your partner benefits from them. As a non-married couple, you may find that you face complexities when it comes to taxes. An appropriately qualified and experienced lawyer can help you navigate those complexities so your partner benefits from more of your superannuation.
Power of Attorney
In the unfortunate event that you become incapacitated, you'll need someone to make decisions on your behalf. When you're married, it may be assumed that this person is your spouse. However, that natural assumption doesn't fall on a de facto partner. If power of attorney is an issue that concerns you, a lawyer can help you create a document that assigns those rights to your partner. As a result, they can manage your estate and issues such as medical decisions if you suffer from incapacitation.
Joint Property Rights
Knowing how the law deals with different types of property ownership profoundly impacts the way your estate is dealt with after your death. If you're a joint owner with your partner, they'll automatically benefit from your property. However, tenants in common face different rules. It's important to outline your wishes in your will.
Estate planning for unmarried couples often requires careful consideration. As some areas of the law can be complicated, it's important to discuss them with a legal professional. Doing so is the best way to make sure your and your partner's wishes are respected if one or both of you dies.
Contact a law firm like Bale Boshev Lawyers for more information.
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