With the recent shift toward a more conservative administration in the United States, many LGBTQ+ individuals are understandably concerned about how political changes might affect their rights and long-term plans. While no immediate changes are in place, it’s an ideal time for the LGBTQ+ community to revisit and strengthen their estate plans. Thoughtful, proactive steps today can help safeguard your wishes and protect the people you care about. Here are seven essential steps LGBTQ+ individuals can take to ensure their estate plans align with their values and goals, no matter what the future holds.
1. Review and Update Wills and Trusts
Wills and trusts are foundational estate planning documents that dictate how your assets are distributed after you pass away. LGBTQ+ individuals, especially those in non-traditional family structures, should ensure that these documents clearly state their wishes, particularly if beneficiaries include non-legally recognized family members or partners. Take the time to review your current will or trust to confirm it reflects your current relationships and desired beneficiaries.
2. Set Up Advance Health Care Directives
An advance health care directive (a/k/a power of attorney for healthcare) is a powerful tool that specifies your medical wishes if you cannot make decisions for yourself. This directive often includes a living will and health care power of attorney. By designating a trusted person—whether a partner, friend, or chosen family member—as your healthcare representative, you can ensure your medical decisions align with your values, even if certain family members might not fully support your relationships.
3. Establish Power of Attorney for Financial Matters
Power of attorney (POA) allows someone you trust to make financial decisions on your behalf if you become incapacitated. For LGBTQ+ individuals, this can prevent family members who may not respect your wishes from gaining control over your financial affairs. By appointing a POA, you can ensure that someone who truly understands your priorities will manage your finances according to your wishes.
4. Review Beneficiary Designations
Beneficiary designations on accounts like life insurance, retirement plans, and investment accounts usually override instructions left in a will. It’s essential to regularly check and update these designations to reflect any changes in relationships or family circumstances. For instance, if you marry, enter a domestic partnership, or end a relationship, it’s crucial to adjust these designations to ensure the right people receive your assets.
5. Consider Trusts for Privacy and Long-Term Care
Trusts offer several benefits, such as bypassing probate, providing greater privacy, and offering long-term security for chosen family members or partners. If you want to ensure that someone will receive support over a long period, setting up a trust can give you control over how and when assets are distributed. This is particularly useful if you’re concerned about potential disputes or want to protect certain individuals’ inheritance from challenges.
6. Write a Legacy Letter or Ethical Will
Legacy letters and ethical wills are non-legal documents that allow you to express your values, beliefs, and insights for loved ones. While not legally binding, these letters can offer clarity about your wishes, provide comfort, and serve as a meaningful gesture for those you leave behind. This personal touch can reinforce your estate plan’s intentions, especially if loved ones need additional guidance after your passing.
7. Partner with an LGBTQ+-Friendly Attorney
Working with an attorney who understands the unique needs of LGBTQ+ individuals can make all the difference. An LGBTQ+-friendly attorney will be familiar with specific concerns and potential legal barriers, especially in light of shifting policies and laws. Attorney Andrew J. Mertzenich (he/they) is proudly out and open, and provides a safe space for clients.
Take Charge of Your Future Today
Estate planning can feel daunting, especially when broader political changes may seem to threaten certain rights and protections. However, with careful planning and the right legal tools, LGBTQ+ individuals can take control over their legacies and ensure that their wishes are honored, no matter what. These proactive steps will help you provide for those you love and protect the things that matter most. Regularly reviewing and updating your estate plan is a crucial step to navigating an uncertain future with peace of mind.
Ultimately, creating a thoughtful and comprehensive estate plan offers LGBTQ+ individuals more security and control over their futures—regardless of any political shifts. Give our office a call at 815-420-8261, or visit www.MertzenichLaw.com
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