Estate planning is essential for everyone, regardless of wealth, age, marital status, gender identity, or sexual orientation. For LGBTQ+ individuals, estate planning is especially crucial due to unique challenges like unaccepting family members, non-biological parenthood, and unmarried partnerships.
Without proper planning, your estate could default to state laws that may not reflect your wishes or family dynamics, potentially disfavoring LGBTQ+ partners or children. If your estate plan predates 2015, it likely needs updating to align with current legal protections for same-sex marriages.
2020 Census Insights on LGBTQ+ Households (Census taken every 10 years)
543,000 same-sex married couple households
469,000 same-sex unmarried partner households
191,000 children living with same-sex parents
Same-sex couples are more likely to remain unmarried compared to opposite-sex couples, highlighting the need for precise legal arrangements to protect their interests.
Key Estate Planning Documents
Will: Specifies asset distribution and appoints guardians for minor children.
Trusts: Help avoid probate and can manage assets for beneficiaries.
Living Will/Advance Directive: States your healthcare preferences if incapacitated.
Powers of Attorney: Designates someone to make legal and medical decisions on your behalf.
Beneficiary Forms: Ensure your assets go to the intended recipients, overriding wills if necessary.
Consequences of No Estate Plan
Without an estate plan, the state decides asset distribution, which can disadvantage LGBTQ+ families. For instance, if unmarried or without proper legal recognition, your assets may go to estranged relatives instead of your partner.
Special Considerations for LGBTQ+ Families
For LGBTQ+ parents, legal documentation is critical. Biological parents' rights often prevail unless secured by court orders or adoptions. Without a will, a non-biological partner might lose custody to the deceased partner's biological family.
Regular Updates Are Essential
Given the evolving legal landscape, regularly updating your estate plan is vital. Changes in relationships, assets, or family structure should be reflected to ensure your plan remains relevant and legally sound.
We're Here to Help
No matter your orientation or identity, having an estate plan tailored to your needs is crucial. Our attorneys are dedicated to crafting personalized plans. Contact us today to schedule a consultation.
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