Marriage isn’t a necessity in this generation. According to the U.S. Census Bureau married couples accounted for 84 percent of American households. We no longer live in the 30s. Today, married couples are the minority at 49.7 percent of households. Instead of marriage, people nowadays live together without marriage. This trend is not just with younger couples. As the article “Estate Planning for Unmarried Couples” by Bradford Stevens states, the number of unmarried cohabitants older than 55 rose by 61 percent.
Such an expansive trend has to be recognized when organizing your finances and estate. Unmarried couples don’t have the legal benefits that married couples do, especially when it comes to inheritance and estate planning. You never know what is going to happen in the future, so you have to be prepared in case of emergency or loss. Cohabitating couples do not have their inheritance naturally protected by law. A partner’s inheritance could be lost if not properly planned for. If a couple chooses to cohabitate without marriage, make sure to plan properly to protect your assets and finances in case of emergency.
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