The Basics of Estate Planning for LGBTQ+ Families
Everyone wants to be sure their assets land in the right hands after they die, and that their healthcare needs are being met. But, LGBTQ+ couples have unique situations that require extra planning.
A will is the heart of any estate plan. A will explains fully exactly who will receive the assets of the deceased. Without one, it’s often unclear where assets should go when the last partner dies. A will is especially important in cases that include children from earlier relationships or children born before a couple marries.
A power of attorney should also be created in case one partner is unable to manage their own finances, the power of attorney names the partner to take over that responsibility.
A power of attorney just for healthcare issues should be created so someone is designated to make healthcare decisions if you are not able.
A health directive will address end-of-life decisions such as do-not-resuscitate orders.
Planning for Children
Usually, in a same-sex relationship, the children involved are only related to one of their parents. For this reason, adoption should be a part of any estate planning. This also ensures that assets left behind flow to the children rather than relatives outside of the nuclear family.
Do Not do DIY Planning
LGBTQ+ families have unique needs and for this reason, online estate planning is not advisable. All documents need to be structured to meet those needs. Learn more about Estate Planning 101 for LGBTQ+ Couples here.
Kevin Miller has experience with LGBTQ+ estate planning and is available to answer your questions.
Call the office at 405-443-5100.