Founding Attorney
If (when) federal recognition of gay marriage is overturned, LGBTQ+ families will face new challenges in protecting loved ones and their assets. But there are ways to plan ahead and make sure your family is cared for, no matter what happens to marriage laws. Here’s what you need to know in simple terms:
Why Estate Planning Matters
Estate planning is a way to decide what happens to your property, money, and loved ones if you’re not around. It helps prevent confusion and fights among family members and makes sure your wishes are followed.
What Changes If Gay Marriage Is Overturned?
Without legal marriage, some rights that come automatically—like making medical decisions for a partner or inheriting property—may no longer be guaranteed for same-sex couples. That’s why, for LGBTQ+ families, specific planning steps are even more important.
Easy Ways to Protect Your Family
1. Create a Will:
A will is a legal document where you specify who gets your belongings after you’re gone. You can also name a guardian for any children you have.
2. Set Up a Trust:
A trust is like a special box that holds your assets. It can make sure your partner or loved ones get what you want, even if laws change. An advantage of a Trust is that it is a private document (unlike a will) allowing you to name anyone to handle and inherit assets without anyone knowing your wishes.
3. Execute a Power of Attorney:
This document lets you choose someone to make decisions for you if you can’t, such as during illness or injury.
4. Designate Beneficiaries Carefully:
Make sure to name your partner/spouse as the beneficiary on your bank accounts, life insurance, and retirement plans.
5. Consult an Experienced Estate Planning Lawyer:
An expert can help you set up these documents properly and explain what’s best for your family. I speak with clients on a regular basis who have received incorrect information from lawyer who are NOT experienced in working with the LGBTQ+ community.
Why Act Now?
Since laws change, it’s smart to get your estate plan in order now. Doing so can protect your loved ones and give you peace of mind.
Remember
Even if laws change, having a solid estate plan can ensure your family is taken care of according to your wishes. Don’t wait—reach out to a professional and make your plan today!