Same-sex marriage is now legal in all 50 states. But this does not mean that LGBTQ couples are automatically protected by the same estate planning laws as heterosexual couples.
In fact, there are still some important considerations that LGBTQ couples need to make when it comes to estate planning.
Here are some things to keep in mind:
Wills: A will is a legal document that describes a person’s wishes for the disposition of their property at the time of their death. It is important for all couples to have a will, but it is essential for LGBTQ couples. Otherwise, your assets will be distributed according to state law, which may not be what you want.
Powers of Attorney: A power of attorney is a legal document that gives another person the authority to make decisions for them if they become incapacitated. This is important for LGBTQ couples, as they may not have a family member who can make decisions for them if they become incapacitated.
Trusts: A trust is a legal arrangement that allows you to control how your assets are managed and distributed after your death. Trusts can be used to avoid probate, protect your assets from creditors, and provide for loved ones in a way that meets your specific needs.
As an LGBTQ couple in Kentucky, understanding your legal rights and ensuring your assets are protected is essential to planning for the future.
Consulting with a specialized attorney can be beneficial in developing an estate plan that meets your needs and ensures that you have the necessary legal protections. A lawyer can help you create a plan that clearly outlines who will inherit your assets, how they will be managed, and any other arrangements that may meet your individual needs.