Keeping the Peace When Cohabitating
By: Source: AARP Bulletin Today Date Posted: 2004-10-08 16:21:00-04:00
Legal experts say it's important for couples to be clear about finances, wills, possessions and health care decisions before they set up housekeeping together. Consider enlisting the help of a lawyer who specializes in elder law.
Write a will. Be crystal clear about what happens to which possessions in case of incapacity or death. Consider drawing up a cohabitation agreement to formalize your wishes.
Specify what happens to the house (and its contents) you share if one partner dies. If the house belonged to the partner who died, the survivor could be left homeless. Even if you want your children to inherit your house, you can write a will that allows your partner to stay there for his or her lifetime.
Consider drawing up a power of attorney, a legal document that gives a person of your choosing—your partner, a child, a sibling—the authority to manage your legal and financial affairs should you become incapacitated.
A durable medical power of attorney enables the person you designate to make decisions about your medical care if you're unable to.
Talk to your kids. Be clear with your grown children about what your wishes are and what rights you want your partner to have.
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