Everyone should prepare for the inevitable, but LGBTQ estate planning is particularly important for many members of the community. Far too many people are unprepared, and you take a considerable risk when you go through life without a plan. Let’s look at the details.
Changing Times
Now that same-sex marriages are recognized, LGBTQIA estate planning has taken on a different complexion. Those that choose to get legally married have full rights and responsibilities under the law. At the same time, there are members of the community that are not legally married.
In addition, estate planning is important for everyone, regardless of your orientation. When you go through life without a plan, your wishes may not be honored, and the estate administration process can be unnecessarily complicated.
Asset Transfers
When you plan your estate, you have to facilitate postmortem asset transfers. There are different ways to go about it, and a simple will is not always the best choice.
As a layperson, it is unlikely that you’re going to understand all the different tools that are available. This is one of the reasons why legal counsel is invaluable when you are planning your estate.
We provide our clients with personalized attention because no two situations are identical. When we understand your objectives and your family dynamic, we will make recommendations based on the circumstances.
In this manner, your plan can be custom-crafted to suit your specific needs. Over the years, if and when things change, we can be called upon to adjust your plan to reflect your current wishes.
Eventualities of Aging
It can be hard to wrap your head around life as an octogenarian, but things can be very different at that point. The Social Security Administration has a life expectancy calculator. If you plug in the numbers for a woman who is turning 67 today, her life expectancy is 87 years.
Most people expect to live long enough to collect a full Social Security benefit, so this is something to think about. Over 30 percent of people that are 85 years of age and older have contracted Alzheimer’s disease.
This is not the only cause of incapacity, so a proper estate plan should include an incapacity planning component.
Advance Directives for Healthcare
Before the legalization of same-sex marriages, committed partners were sometimes prevented from providing support for ill partners. Biological relatives could stop them from visiting hospitals and consulting with physicians.
This is no longer an issue for married people, but it is a factor for unmarried members of the LGBTQ community. Whether you’re married or not, your plan should include advance directives for healthcare.
A living will is one of these directives, and it is used to assert your life-support utilization preferences. To account for situations that are not covered in the living will, you can name a decision-maker in a durable power of attorney for healthcare.
The Health Insurance Portability and Accountability Act prevents medical professionals from sharing information with anyone other than the patient. With this in mind, your plan should include a HIPAA release giving your representative access.
Financial Representatives
For financial decision-making, you should include a durable power of attorney for property. If you have a living trust, you will be the trustee while you’re living. When you draw up the trust declaration, you can name a disability trustee to assume the role if necessary.
Let’s Get Started!
LGBTQ estate planning is one of our main practice areas, and we enjoy helping members of the community protect their loved ones. If you’re ready to put a plan in place, send us a message or call our Petaluma, CA estate planning office at 707-769-9975.
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