It took several phone calls and two visits to pursuade Albert that it was time to get some life insurance converage but finally we got it done and the greatest pleasure I got out of this endeavor was a text from Alfred thanking me for encourageing him to get protection for his wife and his children. Albert and his wife have three children all looking to attend college. They have much to be thankful for and much to protect. I got Alfred 350,000 term insurance converage for $58.00 per month, and as his income increases, he can convert this term to a whole life policy and begin to build some cash reserves for retirement. In the meantime, his family is protected and Albert is sleeping easier.
Unmarried and living together can become an increasingly risky endeavor as you and your partner accumulate assets and begin to share responsibilities. Common law marriage is not recognized in New York, so if your partner should die and there is no will, any assets he or she owns will pass to the surviving blood relatives of the decased partner. For example: Suppose you and your partner buy a home and you each contribute equally for the down payment and closing costs. You even split the mortgage or maintenance bills. However, because you had bad or no credit, your name is not on the mortgage, deed or the lease. Now your partner dies and there is no will. Who ownes the home or cooperative shares? Not you! By law, all of your partners assets which are exclusively in his or her name will pass to the heirs of the deceased partner. That would be, the surviving parents or the siblings of your partner. They will be fully within their rights to come knocking on the door and ask you to vacate the residence.
So if you are living together either get married or get a will. And while you are at it, get a living will and a health care proxy.
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