Specific Estate Planning Needs of the LGBTQ+ Community

When it comes to planning your estate as a member of the LGBTQ+ community, it is important to work with an attorney who is familiar with your needs and the current law – someone who knows how best to serve you!

One of the biggest mistakes I see members of the LGBTQ+ Community make is failing to properly set up an estate plan because their estate looks different than members of the non-LGBTQ+ community. I have worked with many clients who are members of the LGBTQ+ community for over twelve years and I know how important it is to prepare an estate plan that is specifically tailored for them.

Here are the primary documents in your estate plan, and why each are important to consider:

A Basic Last Will

Every member of the LGBTQ+ community should have at least a basic last will. It is important for LGBTQ+ community members to have at least a basic last will because without one, California law will dictate who will receive your assets when you pass away. A basic last will ensures your assets are distributed to the people or charities you want, and not to unwanted or distant family members.

A Living Trust

A living trust can establish your spouse, partner, family member, or close friend as the trustee of your estate when you pass away.  A living trust also gives you control over who will receive your assets and allows you to provide gifts of your choosing to friends or charities. The biggest benefit of having a living trust is that assets held in your living trust avoid probate. By avoiding probate, you choose where your assets are headed, and protect your loved ones from the lengthy and expensive court process known as probate. Many of my LGBTQ+ friends and family are not married, and a living trust provides extra protection for those who do not have a traditional spouse. Not everyone needs a living trust, but if you own real property, or have substantial assets, a living trust is likely best for you.  It is very important to talk to an experienced estate planning attorney who is knowledgeable about the rights and needs of the LGBTQ+ community when considering a creating a living trust.

An Advance Health Care Directive

An advance health care directive can avoid potential problems that may arise if you become incapacitated. By creating an advance health care directive and being prepared for the worst, you can make sure your partner (or the person you choose) is the one making important health care decisions for you if you cannot make them yourself. If you do not have an advance health care directive, an unwanted family member will likely be the one to make these decisions – and many of my LGBTQ+ clients do not want that.

A Durable Power of Attorney

A durable power of attorney allows you to designate who you want handling your financial affairs and property in the event you are incapacitated. By preparing a durable power of attorney, you will ensure your partner, or someone else you trust, will manage your money and financial affairs if you are incapacitated.  Again, like with the health care directive, without a durable power of attorney, an unwanted family member could be declared your conservator and take control of your money and other assets.