LGBTQ+ Couples: Important Estate Planning Considerations
Each couple is unique, and it is our goal to ensure that your personal wishes are carried out and that no one else is dictating what should happen with your money, property, or children.
Existing Estate Planning
If you have already had estate planning documents prepared, you should review them periodically. If your estate planning documents were signed prior to 2015, it is crucial to have a qualified estate planning attorney review them, as same-sex marriage is now recognized in all fifty states. This recognition could open up new planning opportunities that may not have been available to you in prior years if you and your partner are now married.
As previously mentioned, with same-sex marriage recognized in all fifty states, now is an opportunity to decide, if you are not married already, whether you and your partner should tie the knot. While there are a lot of emotions behind marriage, there are also estate planning and tax considerations. Depending on your situation, we can sit down and make sure that your estate plan is drafted in such a way that ensures all of your wishes—emotional and financial—will be carried out.
If you have children, biological or adopted, you will need to name someone to take care of them should something happen to you. This is especially important if your partner is not the children’s legal parent. Without the proper appointment, the court could end up placing your children with someone you would not have chosen. Alternatively, if you would like to provide for your partner’s children, but you have not adopted them, you will need to make sure that your will or trust specifically states what you would like the children to receive since they would not be entitled to anything otherwise.