Estate Planning for Same Sex Couples

Are you in a same-sex relationship? Are you married or domestic partners? Have you and your same-sex partner talked to an estate planning attorney, or even given estate planning a second thought? If not, you need to consider doing so sooner rather than later, not only to protect your partner, but to protect yourself as well.

Each state provides a default estate plan if you fail to plan your estate. This default estate plan comes in a one-size-fits-all rule for what happens to your property and money upon your passing and your partner’s passing. For same-sex couples, the state’s default plan may spell disaster!

Without an estate plan in place, a deceased person’s assets will likely go to his or her legal spouse, then children, and then to unwanted blood relatives. Typically, if no living blood relatives can be found, the decedent’s assets go to the state. What can you do to avoid a situation like this? You can establish your own, tailor-made estate plan that addresses your unique needs, wishes and concerns. One of the best way to do this is with a Living Trust.

Living Trust

Many same-sex couples establish a living trust (often referred to as a Marital Trust or Family Trust) which is the cornerstone of their estate plan. Upon the passing of both partners, the trust allows for the transfer of assets without the need for probate. Trusts are administered privately, with less delay and less expense. The trust administration process provides less opportunity for a trust contest or interference by family members who might not approve of your lifestyle choices. A trust allows you to not only control who receives your assets, but when and in what manner your assets are distributed to your beneficiaries.

Health Care

You’ve heard the stories of partners being denied the right to visit each other in the hospital. And you’ve also heard about blood relatives stepping in and making healthcare decisions for a gravely ill person when you would rather your long-term same-sex partner make those decisions for you. These scenarios can be avoided with advance health care planning. With an Advance Health Care Directive, you can designate your partner or spouse as your agent to make medical decisions on your behalf. With an Advance Health Care Directive you can also detail your preferences for end-of-life medical decisions. And you can include instructions in these documents that your partner or spouse be permitted access to your hospital room, no matter where you are and even if someone in your family objects.

Same-sex couples face unique challenges when it comes to planning for the future, but the last thing you should do is settle for a state’s default estate plan. With the help of an experienced estate planning attorney, you and your spouse or partner can make sure your interests are protected, and your wishes are honored.