Proper estate planning allows any couple to enjoy greater peace of mind by protecting one another, along with their heirs. However, same-sex couples have some additional considerations to bear in mind throughout this process. Here are a few tips for navigating the planning process and designing the best arrangements for your needs.
While marriage equality legalized same-sex marriage in the United States, same-sex couples who are unmarried are not afforded the same protections. Even if an unmarried couple has been together for decades, they do not have the same rights under the law as a married couple. For a married couple, assets typically flow directly to the spouse upon death of the other spouse. However, this wouldn't be the case for an unmarried couple. Each partner in an unmarried union should be specific in their will as to who should inherit their assets. If you overlook this, assets may go to someone else in your family.
If you were married previously, regardless of the gender of your former or current spouse, it's a good idea to revisit beneficiary designations on wills, bank and retirement accounts, IRAs, and life insurance policies. Many same-sex couples appoint one another as beneficiaries to these accounts, but prior to the 2015 legalization of same-sex marriage, ending a same-sex relationship did not require an official divorce. Without a divorce to remind you, you may not have updated beneficiary designations and removed your partner. Now is the time to update these documents.
Same-sex spouses often face more obstacles when they need to make medical decisions for their partners when their partners are unable to communicate due to injury or illness. For this reason, set up an arrangement that names someone to act on your behalf and documents your wishes for end-of-life care and life-prolonging care, such as resuscitative measures, ventilators, feeding tubes, and pain medications. A healthcare proxy or advanced healthcare directive are two options that allow you to appoint your partner to make these decisions if the need arises.
For assistance with drawing up your plans, trust the attorney at Trailhead Estate Planning. Serving the Signal Mountain, TN, area, he provides guidance at every stage of estate planning and will help you identify the best solutions for your situation. Whether you need a will, revocable or irrevocable trust, or any other arrangement, he will help you undertake the estate planning journey with confidence. Call (423) 228-7029 to schedule a consultation or visit him online to explore his services.
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