Are you a member of the LGBTQ+ Community? Do you have an estate plan that protects you? One of the biggest mistakes members of the LGBTQ Community can make is failing to properly set up an estate plan – the results of which can be devastating! Having no estate plan is the equivalent to giving up control of your assets, as well as giving up control of your healthcare decisions and end-of-life decisions.
The need for an estate plan is most critical in cases of accident or illness that render an LGBTQ person incapable of making medical decisions or managing financial affairs. Without a proper estate plan, a partner or close friend could be legally precluded from having any role in the decision-making of your healthcare or the management of your financial affairs.
A member of the LGBTQ community can avoid many problems through proper estate planning, which includes:
A Basic Last Will
Everyone, whether gay or straight, should have a basic last will. But it is even more important for LGBTQ Community members to have a basic last will because without one, California law will dictate who receives your assets when you die – and that person may be an unwanted relative. A basic last will ensures your assets are distributed to the people or charities you want when you pass.
A Living Trust
A Living Trust can establish the LGBTQ’s person’s partner or close friend as a trustee. A Living Trust gives you more control over who will receive your property and allows you to provide gifts to family, friends, and charities. Not everyone needs a Living Trust, but if you have substantial assets, and own real property, a Living Trust may be right for you. It is important to talk to an experienced estate planning attorney who is knowledgeable about the rights and needs of the LGBTQ Community when considering a Living Trust.
An Advance Health Care Directive
An Advance Health Care Directive can allow the LGBTQ person to maintain control over his or her health care decisions and allow a partner or close friend to take care of the person during incapacity. By preparing an Advance Health Care Directive, you make sure your partner or close friend is making health care decisions for you.
A Durable Power of Attorney
A Durable Power of Attorney allows an LGBTQ person to designate who will handle financial affairs if incapacitated. By preparing a Durable Power of Attorney, you can make sure your partner or close friend is handling the important job of managing your money. Without a Durable Power of Attorney, a family member you may not trust may take control of your money. Don’t let that happen!
LGBTQ+ Estate Planning Services
Proper estate planning by the LGBTQ Community will protect assets and make sure medical decisions and financial decisions are made by the right person. We are an experienced LGBTQ estate planning law firm, and we specialize in preparing and updating estate plans for the LGBTQ Community and legally LGBTQ married couples.
For more information on preparing an LGBTQ+ estate plan, or updating your existing estate plan, contact Estate Planning Attorney, Eric A. Rudolph, at (760) 673-7600 or schedule an estate planning consultation.
