Same-sex couples can be facing different concerns when it comes to estate planning. The following are some of the major issues that these couples may face, and tips for consideration.
Having a will is the most common part of an estate plan. Many people are able to create a will without the help of an attorney. A will can determine the following:
- who receives your assets when you die
- who will be named guardian over minor children
- announce an executor
If you are not married, or your state does not recognize your marriage, having a will can help ensure your loved one is taken care of when you die.
Probate is a long process in finishing up the details of your estate. This can be avoided by doing any of the following:
- Create a living trust
- Have joint ownership of the estate
- Change your accounts and deeds to be transferred to your loved one upon your death
If you do not own property, or have very little, then your estate may not even have to go through the probate period.
Create a Health Care Directive:
A health care directive will honor your wishes for the end of your life if you are not able to articulate what you want. Same-sex couples may consider making a living will to state the type of care they would like and name their partner as power of attorney for health care so that they can follow through with their wishes and make decisions.
Power of Attorney
In order to make sure that your partner can be in charge of your finances and wishes if you are incapacitated, they will need to be made power of attorney.
If you have further questions, call your local same sex estate planning attorney for a consultation.