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Estate planning is important for everyone, but it can be more difficult for those in the LGBTQ+ community. Even though marriage equality and other protections for this community have come a long way, it may still be more complicated for same-sex couples and others in non-traditional relationships to make sure their interests are protected. The reason estate planning is so vital is that it ensures that your wishes are honored and your loved ones’ well-being is considered through the protection and distribution of your assets after death.
Marriage offers specific rights and legal implications, including the right to make healthcare decisions for the other person and the right to inherit property. There are also tax advantages to being married. For anyone in the LGBTQ+ community who has a significant other but isn’t married, creating a Will and taking care of other important estate documents can mean peace of mind and legal protection. Not only is it valuable to protect the rights of partners in this situation, but the goal of estate planning is also to reflect important wishes for the future.
Estate planning allows for the designation of beneficiaries to ensure partners receive all the assets their deceased partner wants them to inherit. Without an estate plan, the distribution of assets may be far different. In the absence of a spouse, assets would go to immediate family members, or extended family if there isn’t immediate family. If someone in the LGBTQ+ community isn’t married, and doesn’t have their estate planned out properly, their partner might not be legally entitled to receive anything at all.
A Will and Trust allow for a partner to be named as a beneficiary, and it’s also important to consider advance directives and decision-making power for healthcare, as well. Additionally, estate planning is vital if you and your partner have children together. That way, you can fully protect parental rights for both parents, and also make sure your children’s well-being is considered. Once an estate plan is created, reviewing it and making any needed adjustments can ensure it’s always up to date.
A carefully prepared estate plan will ensure your health and financial wishes are known should you become incapacitated and that, after death, your wealth remains secure until it passes to your beneficiaries. A properly prepared plan saves money on court costs, taxes, and fees, and reduces the risk of familial strife. Our services alleviate wealth concerns and help you to enjoy life and focus on what really matters, your family. Contact us today to get started!