My partner and I have begun discussing combining finances to simplify our lives. We are not married, both have excellent credit, little to no debt, similar values as far as how to spend money and great communication. We have discussed the day-to-day and long term spending/saving goals to ensure we're aligned. Here is where I need advice...
How do I protect myself if anything were to happen to my partner?
To give you more facts that might be helpful: He has a lot of assets (retirement investments, savings, etc). My only real "savings" is the equity in the home I own (currently rented out). He makes significantly more money than me, so we live in a house I wouldn't be able to afford on my own. He has a (now adult) son who is currently his beneficiary.
What rights would his son have to money in a joint-bank account? Is marriage necessary to protect me or are there other ways (e.g. my partners will)?
Although I'm not going into this union with as much to offer financially, I'm just wanting to make sure I would have enough to survive on my own and not lose my contribution (due to it being funneled to someone else).
Thanks in advance, reddit!
Submitted May 07, 2018 at 09:55AM by SneakNSnark https://ift.tt/2rs9wzC
