For unmarried couples, estate planning is indispensable
Abstract: When married couples neglect to prepare an estate plan, state intestacy law provides one for them. Unmarried couples, however, have no backup plan. Unless they carefully spell out how they wish to distribute their wealth, a surviving life partner may end up with nothing. This article describes the estate planning advantages that married couples enjoy, and how unmarried couples can reduce their risks. It also describes one strategy in which unmarried couples have an edge: a grantor retained income trust (GRIT).