Protect the unmarried partner. Unlike those who are married, unmarried partners do not have rights to each other’s Social Security benefits or retirement plan benefits, says Eweka. Likewise, unmarried partners may not be able to make decisions for one another if one is incapacitated. “Estate planning is critical to make sure your live-in partner has a say in your care and finances if you become ill, and inherits what you would like them to after your death,” says Eweka. If you want your live-in partner to make financial decisions on your behalf or be the beneficiary of your assets if you pass away, have an estate planning attorney draw up appropriate paperwork such as a will or financial power of attorney, says Eweka.
Source: Take these financial steps before moving in with your romantic partner
