How can domestic life partners use estate planning to provide for one another? Well, it’s imperative if you do wish to provide for your life partner that you do estate planning and that you can provide for your life partner in your will. You can designate him or her as a beneficiary under your life insurance policies. You can set up joint accounts naming your life partner as the beneficiary. One of the problems that you may have is when it comes to 401ks and your profit sharing plans. Sometimes that’s more difficult. Florida does not recognize civil unions. Even if you have a civil union recognized in another state, it won’t be recognized here in Florida.
So the key to providing for your life partner after you pass on is to do the planning and do a will and set your accounts up in your joint names. And sometimes it’s – I’ve seen any number of times – it’s tragic when a life partner has cared for the other one for many, many years and they didn’t make any provision for them. And then whenever they pass away the life partner gets nothing. So I urge you to go ahead and have a will prepared and provide for your life partner and do the planning. If you have any questions, give me a call at (727) 847-2288. Thank you.