While estate planning is certainly an important consideration for married couples, it can be even more vital for couples who live together and but are not legally married. Traditionally we thought of unmarried co-habitation as something for the younger generation. But increasingly individuals who had already been married once or simply never felt the need to marry are living together as an unmarried couple into retirement.

As you may know, when a couple is married some things which would otherwise need to be established through a will or other document are automatic. Various assets including retirement and other accounts are often easily transferred to the surviving spouse. When a couple is not married any of the same estate planning goals can be achieved but they may require some additional planning.

One issue that some unmarried couples run into related to end of life planning is a having access to each other if one is hospitalized and incapacitated. It can be helpful to have medical directives in place to ensure that your wishes will be carried out and that an unmarried partner has the authority and access that you would like them to have.

Passing assets to an unmarried surviving partner can also be more complicated if one of the partners have children or other close relatives who may seek a share of the assets of the estate. Having a clear and enforceable will to establish your intentions can avoid a great deal of strife for loved ones. It is of course also usually helpful to have open and honest conversations with all of your family members about what your wishes are.

Source: CNBC "More Unmarried Couples Living Together in Retirement" Sharon Epperson and Karina Frayter, April 6, 2011