Why LGBTQ+ Couples Are Updating Estate Plans in an Uncertain Political Climate
Even with marriage equality recognized nationwide, the political climate can feel uncertain - because it is. With Obergefell in the news again and people screaming that gay marriage is at risk of being sent back to the states -what can (or should) LGBTQ+ couples do?
For many in California, this has been a wake up call to update or finally create their estate plans - especially for those in the community who aren’t married. The good news is that with the right documents in place, you can help protect your family regardless of the political shifts and how your family is created.
Marriage isn’t a requirement for an estate plan. When it comes to the LGBTQ+ community our relationships are as diverse as the people who make it up. We’re married, unmarried, partnered, monogamous, poly, open, ace. Regardless of how you define your relationship, there are things you need to do to protect yourself and your people.
So What if I do nothing?
Without an estate plan (will - trust - power of attorney - living will/advanced health care directive) here’s what happens:
The law decides who gets your stuff. Not married? Your partner is cut out.
Biological relatives may inherit - maybe you don’t want them to.
Medical decisions may fall to people you’d never want to take care of.
Probate is really expensive and almost always avoidable with proper planning
Why Trust-Based Planning Offers Extra Protections
A revocable living trust keeps your stuff private, avoids probate, helps protect family harmony, and allows you to make provisions for the people you want to, including your partner. Your trust allows you to have a lot more control over your assets and wishes while you’re alive and from beyond the grave.
For LGBTQ+ folx, this is especially important. You control who your people are, who has access to you, your stuff, and who gets everything (and when) after your death. If you’re unmarried or in a non-traditional relationship - the only way you can provide for your partner(s) is through your estate plan!
Planning for Health Care
Your advanced health care directive (also referred to as a living will) identifies people you trust to make medical decisions for you. But it doesn’t stop there. Your directives is specific to what kind of health care you want to receive, including pregnancy and abortion care and gender affirming care. We also go as far as to make sure that your agent is empowered to keep your physical appearance in line with how you outwardly present, especially if it doesn’t align with your gender assigned at birth.
Final Thoughts
While we can’t necessarily control the political climate, we can control how we prepare for it. Estate planning gives the LGBTQ+ community the power to protect what matters most - you and your people.
Don’t wait for the laws to change, protect your family today. Schedule a complimentary call now.
