While marriage has finally been recognized as a right that all couples can engage in, regardless of whether they are gay or straight, same-sex couples still face unique issues when planning for end of life and their estates, particularly if they are not married. The following are issues same-sex couples need to consider when planning their estate.
Creation of a Last Will and Testament or Trust
Married or not, creating a Last Will and Testament or Trust is an essential part of planning for your loved ones’ futures in the event that you die. Creating a Last Will and Testament or Trust is especially important if you are not married, or if you have children together, but only one of you is named as the legal parent. For example, if a child is biologically and legally yours but not your partner’s, who will be the child’s guardian upon your death may be hotly disputed. In your Last Will and Testament or Trust, you can name your spouse/partner as your child’s guardian if anything were to happen to you. A Last Will and Testament or Trust can also determine who will inherit your assets, who will manage any assets inherited by a child, and who will be the executor of your estate.
Healthcare Directives & Powers of Attorney
Another very important estate planning issue for same-sex couples is that of healthcare directives and powers of attorney. Health care directives are used to detail how your health should be managed in the event that you are incapacitated and cannot make decisions, for example, whether or not you will donate your organs or be put on life support at the end of life. Powers of attorney, on the other hand, allow another person to make decisions about healthcare, finances, and more on your behalf if you are unable to do so. Even if you are married to your spouse, it is important to form a healthcare directive and power of attorney so that your wishes are protected at the end of your life.
Avoiding Probate and Taxes
All couples should meet with an experienced estate planning attorney to discuss how to avoid the probate process as well as eliminate the tax burden placed on an estate. Some ways to avoid the probate process – where an inventory of your assets are made and how they will be divided is decided upon during this meeting which may include the creation of a trust, joint ownership (i.e. if you own a house via joint tenancy), and/or transfer-on-death arrangements.
Meet with a Westport Estate Planning Lawyer Today
If you have questions about your estate and what will happen to your assets when you die, you should take the time to plan for your loved ones by meeting with Westport estate planning lawyer, Patricia Bloom-McDonald, Attorney at Law. With more than two decades’ worth of experience helping people with end of life planning, I can advise you on the best ways to ensure your loved ones are provided for. Contact my law firm today at 508-636-6097.