The 2015 Supreme Court decision in Obergefell v. Hodges marked a watershed moment for marriage equality, however, LGBTQ+ couples still face unique challenges when it comes to estate planning. At Bequest, we understand these challenges and are committed to helping you create a comprehensive estate plan that protects your family's future.
Why Estate Planning Is Crucial for LGBTQ+ Couples
While the Supreme Court’s decisions in Windsor and Obergefell established marriage equality, these precedents could potentially be reversed. This makes comprehensive estate planning even more critical for LGBTQ+ couples. Several key areas require consideration and review:
Essential Components of Your Estate Plan
Whether you choose a trust-based plan or will-based plan, a well-drafted document provides significant benefits for LGBTQ+ couples. Key considerations include:
Choosing Your Fiducary (i.e. Trustee/Executor)
Select one and then 2-3 successors.
Look for individuals who are: Financially savvy, Detail-oriented, Trustworthy, and Respectful of your relationship and wishes.
Distribution Planning
Ensure your plan refers to your spouse by their individual name, not just their status as spouse.
Include specific wishes for asset distribution that do not rely solely on spousal recognition.
Specify exact dollar amounts or percentages for inheritances.
Plan for contingent beneficiaries beyond immediate family.
Include provisions for charitable giving if desired.
Include provisions for personal property distribution.
Consider non-traditional beneficiary arrangements.
Parental Rights Protection
For LGBTQ+ parents, the legal landscape remains complex. When one partner is a biological parent and the other is not, current law does not automatically recognize the non-biological parent as a legal guardian. This gap can be addressed through proper estate planning, including:
Adoption proceedings for the non-biological parent.
Explicit guardianship designations in wills.
Trust provisions that ensure both parents' wishes for their children are honored.
Healthcare and Financial Decision-Making
Unfortunately, same-sex couples sometimes face challenges when attempting to make medical or financial decisions for an incapacitated partner. Reviewing and updating your Financial Power of Attorney (POA) and Advance Directive for Healthcare (ADHC) is essential to make sure your spouse has decision making power. Specifically:
Check to make sure your Power of Attorney (POA) and Advance Directive for Healthcare (ADHC) documents are updated with your spouse named as your agent and backups if they are unable to serve.
Once drafted, consider filing these documents with local hospitals for immediate access during emergencies.
Property and Account Ownership
Many couples are surprised to learn how their assets are actually titled. We'll help you, review and optimize the titling of your real estate, evaluate joint account arrangements, thereby ensure property ownership aligns with your estate planning goals.
Next Steps
It is easy to feel overwhelmed by the potential changes, but our experienced team can make sure you have peace of mind. We will guide you through each choice during our consultation and ultimately help you:
Understand all available options.
Consider various scenarios.
Make informed decisions about your estate plan.
Gather necessary information for documents.
Ensure your plan reflects your unique family situation.
The most important step is starting the conversation. Contact us today by emailing hello@bequest.law, calling 404.500.7531, or clicking this link to schedule a consultation and begin protecting your family's future through comprehensive estate planning.