With the U.S. Supreme Court’s legalization of same-sex marriage in 2015 came more opportunities for couples in the LGBT community to take advantage of estate planning. With that in mind, it is vital to ensure any estate plans created prior to 2015 be looked at critically to ensure the language is consistent with current laws. As a general rule, it is best practice to revisit an estate plan every three to five years or each time a major life event happens to ensure it is up to date with current laws and needs.
Estate planning can be especially important for those couples in a domestic partnership or civil union. It can be immensely helpful to meet with an estate planning attorney to ensure everything is in order specifically in the state in which one lives.
Here are some things you need to know:
- What to include in an estate plan: When creating or revisiting an estate plan, it is also important to ensure it is complete with a living will, named beneficiaries, powers of attorney, and guardianship decisions if children are involved. It is important to create a living will and include the HIPAA privacy authorization form, as well, to ensure health information can be shared with the correct, approved people.
- What Needs to Be Changed: LGBT couples were previously able to leave a specific portion of an estate to their partner, but if a couple is married, different states require the remaining spouse to receive a predetermined amount, which is another important part of revisiting a previously created estate plan. It is also important to include any additional assets that have been acquired.
If you are looking to create – or just revisit – your estate plan, Thornton Law Firm is here to help! We specialize in helping couples make the most of their estate plans, so contact us today for a consultation on your estate planning needs.