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Some major estate planning concerns for LGBTQ couples

| Jun 29, 2021 | Estate Planning |

California is a beautiful state that many people enjoy calling home. With that in mind, many LGBTQ couples enjoy planning out their futures there. Considering that, estate planning comes with several major things to think about. Here is more information about three estate planning concerns for LGBTQ couples.

Distributing assets

Some LGBTQ couples prefer to not marry. If that’s the case and your partner doesn’t have a will, their assets go directly to their family. To prevent this from happening, you and your partner need to consider creating wills as soon as possible. If you want more protection for what you leave behind, you can also create a trust. Not only do trusts help you avoid probate, but they’re also extremely flexible.

Designating beneficiaries

Another important aspect of the estate planning process involves designating beneficiaries. Even if you have previously done so, you might have made these decisions before meeting your current partner. Also, make sure you review all of your accounts, including your:

  • 401(k)
  • Mutual funds
  • IRAs
  • Annuities

Handling end-of-life care

While it’s not something any couple wants to think about, there could be a time when you or your partner become incapacitated. Unfortunately, during this stressful time, family members might question the validity of a same-sex partner. To avoid these situations, it’s a good idea for same-sex couples to have health care and financial powers of attorney in place. It’s also important to have an advance medical directive, which allows you to specify your end-of-life wishes.

In closing, every LGBTQ couple should consider planning their respective estates. If you need help doing so, it might be time to contact an attorney who has experience with these types of matters.