Estate planning is essential for “non-traditional” couples in Florida who have opted for long-term togetherness without entering a formal marriage.
As reported by The Pew Research Center, marriage rates have been steadily slipping, while rates of cohabitation are on the rise, reaching about 18 million as of two years ago, representing a 30 percent spike in just a decade. About half of those living with a romantic partner are 35 or younger, but a growing number (currently almost one-quarter) are over 50. This segment increased by 75 percent over the last 10 years.
While estate planning is important at any age (life is often unpredictable, if nothing else), those over 50 must make it a priority to ensure their rights are protected and wishes are followed in the event of sudden incapacity or death. Blended families too have special circumstances to consider, as do single parents. Rules and advantages that apply to married spouses in Florida estate law won’t automatically apply to unmarried cohabitants. That means extra planning is required. Trying to tackle it yourself may be cheaper than hiring an estate planning attorney, but it will cost you more in the long-run when there are inevitable oversights on legal technicalities – of which there will inevitably be more in non-traditional households. Continue Reading