After the excitement of Valentine's Day fades away and the last indulgence of chocolate is savored, we must focus on a topic that may not be as thrilling as the idea of everlasting love: the reality that all relationships end one day. Before you stop reading, hear me out.
Whether it's a breakup, divorce, or the death of a loved one after a lifetime together, every relationship eventually will come to an end. The most important thing is how you have planned for that ending, or whether you haven't at all, as your planning (or lack thereof) will have a tangible impact on you, your partner, your children, and your assets.
The silver lining? While we can't prevent the end, we can prepare for it with compassion and strategic planning, making the end the best possible foundation for a new beginning.
Love is wonderful—joyful moments, shared dreams for the future, and some legal considerations. For married couples, the law has default provisions for what happens to their assets if one of them dies, but those default plans may not align with their personal preferences or the life they've built together.
If you're an unmarried couple, the absence of a plan could leave you vulnerable. You risk losing assets or being unable to make crucial decisions about your property or medical choices.
To better understand how a lack of planning can leave you and your partner out in the rain, let's look closer at these critical areas that are affected when a relationship ends.
Let's say you and your partner purchase a home and other assets together. Without clear documentation outlining ownership rights, a dispute can arise if the relationship ends in a breakup. But breakups aren't the only danger.
Suppose you aren't married, and one of you passes away. In that case, the other partner might find themselves without a rightful claim to the property, potentially facing homelessness or a significant financial loss.
If you own any property with anyone else or if you want to ensure your property lands in the hands you choose in the event of your death, contact us to plan for that property now.
In the unfortunate event of a medical emergency where one partner becomes incapacitated, lacking appropriate legal documentation could impede the other partner's ability to make critical healthcare decisions on their behalf. This can lead to delays in medical treatment or disagreements among family members over the person's treatment, causing unnecessary stress and complications during an already challenging time.
For couples with children, failing to establish guardianship arrangements in the event of both parents' incapacity or death can have devastating consequences. Without a designated guardian, children may be placed in the care of individuals who may not align with your wishes or values, leading to potential custody battles and emotional upheaval for the children and your extended family.
If you and your partner end your relationship without a mutual agreement on a guardian for your children, things could get even more chaotic - especially if one of you has documented your desired guardian and the other partner hasn't.
Worst of all, typical wills don't sufficiently cover planning for minor children's needs. That's why we offer the Kids Protection Plan®, specifically designed to ensure your children are never raised by anyone other than people you know, love, and trust and are never taken from your home into the care of strangers.
If you and your partner share business interests or investments, the lack of a solid plan could jeopardize the future of these assets. Without clear instructions, the surviving partner may face challenges in managing or transferring ownership of these assets, potentially leading to financial instability or the dissolution of the business.
In each scenario above, the absence of proactive estate planning measures leaves individuals vulnerable to legal and financial uncertainties. By taking proactive steps that consider what will happen when your relationship ends, couples can safeguard their assets, ensure their wishes are honored, and provide peace of mind for themselves and their loved ones.
Not sure how to start the conversation with your partner?
Start by explaining to your partner your desire to safeguard the life you're building together. Just as relationships evolve, your wishes and how they are documented should, too.
Continuously engaging in dialogue and revisiting your plans ensures they align with your evolving needs and aspirations.
Whether you've already started the conversation with your partner or need more guidance, planning for the future of your relationship can feel overwhelming. We can help.
At our firm, we don't merely dispense legal counsel; we safeguard your love story. We comprehend the profound significance of your relationship and are dedicated to ensuring its protection. Whenever (and however) your relationship ends, we'll work with you to create a plan that considers these contingencies ahead of time so you and your loved ones can avoid the stress, conflict, and chaos of incomplete planning.
To learn more about how we approach estate planning from a place of heart, schedule a complimentary 15-minute call with our office.
(By Appointment Only)
14425 Falcon Head Blvd
Bldg E-100
Austin, TX 78738
