5 Estate Planning Considerations for Same-Sex Couples
Estate planning comes with important decisions for any individual. However, if you're part of a same-sex couple, there are unique concerns you can address proactively to minimize issues down the road. Here are some crucial matters to look into as you plan for the future.
What Same-Sex Couples Should Consider During Estate Planning
1. Will
This document names who will receive your assets upon your passing. Dying without a will presents difficulties for same-sex couples who aren’t married. In such circumstances, your partner could have no legal right over your assets. To avoid this issue, list them as a beneficiary in your will and appoint a trusted executor to carry out the terms.
2. Power of Attorney
A financial power of attorney (POA) is a legal document declaring who can manage your money if you’re ever incapacitated. For instance, they can pay your bills if you’re in the hospital. Spouses or partners in any relationship may be denied this right if they don’t have an official POA. To let them make healthcare decisions on your behalf, you have to appoint your partner as your healthcare POA.
3. Children
If you have children with your partner and only one parent is biologically related to them, the other parent may need to adopt the child. Otherwise, the deceased’s funds may go to a different biological relative. You can also set up a trust with provisions to ensure the child receives the desired assets.
4. Trusts
Some state laws won’t allow any property to be transferred from one spouse to another without probate. Even if you’ve named your partner as your beneficiary, you might want to avoid the lengthy court process of closing out the estate. However, you can save time by setting up a living trust, which typically won’t go through probate.
5. Retirement or Life Insurance Plans
While a will can declare who receives access to bank accounts and personal property, you’ll also need to review your beneficiaries for any other accounts. For instance, you may have a retirement plan, such as a 401(k) or a life insurance policy. If you’d like your spouse to receive the funds for these plans, name them as the beneficiary.
If you have questions about estate planning, turn to Achille Law PC in Brookville, PA. This reliable firm can help you navigate the process and ensure you make the best choices for yourself and your family. Their lawyers also provide legal guidance and representation for family law cases. Learn more about their practice areas online, or call (814) 849-6701 to schedule an appointment.