Estate planning is essential for every couple, including same-sex couples. Estate planning can help protect your assets and ensure that your wishes are followed after your death. However, there are some key considerations that same-sex couples should keep in mind when creating an estate plan.
Here are some tips for estate planning for same-sex couples:
- Create a will: A will is a legal document that outlines how you want your assets to be distributed after your death. It’s important to work with an experienced and qualified estate planning attorney to create a will that reflects your wishes. It can be a useful tool for persons with modest estates. If you own real estate or have more than about $150,000 in assets, a trust-based will likely be a better choice.
- Establish a trust: A trust is a legal arrangement that allows you to transfer your assets to a trustee, who manages them on behalf of your beneficiaries without having to resort to legal proceedings such as probate. A trust can help protect your assets from creditors, lawsuits, and other risks.
- Plan for incapacity: It’s important to plan for the possibility that you or your partner may become incapacitated and unable to make decisions for yourselves. An estate plan can include provisions for who will make decisions on your behalf in such a situation.
- Update your estate plan regularly: Life is unpredictable, and circumstances can change over time. It’s important to update your estate plan regularly to ensure that it reflects your current wishes and circumstances.
In conclusion, estate planning is important for same-sex couples to ensure that their wishes are followed after their death. It’s important to work with an experienced and qualified estate planning attorney to create a plan that reflects your wishes and provides peace of mind for you and your partner. By following these tips, you can help protect your assets and ensure that your loved ones are taken care of.
- Should In Re Gregory Hall Trust Change the Way We Think About Amending Trusts? - June 8, 2023
- Understanding the Role of Life Insurance in Estate Planning - June 6, 2023
- What It Means to Disclaim - June 4, 2023