Siblings may assume you’ll make their kids rich because you didn’t have children, but it doesn’t have to be that way. If you and your partner don’t have children, don’t automatically think that your only choice is to give your assets to your family. Even if you are close with your family members, the power of attorney ensures you retain the ultimate choice. If you’re in a same-sex relationship, a power of attorney can ensure your loved one can make your health and financial decisions for you (instead of an estranged family member). It also protects you if you become incapacitated by allowing someone you trust to make decisions for you. A power of attorney protects your loved ones should you die. However, there’s an equally important document you’ll need along with it: a power of attorney. One of the primary estate planning documents you’ll need is a will. You can also use more advanced estate planning strategies to accomplish much more, including saving taxes or protecting your assets from creditors or future family divorces. Your estate plan also includes directions on how to handle any liabilities you leave behind. The assets in your estate plan may include real estate, investments, life insurance policies, and many other types of personal holdings. It includes all the information needed to distribute your assets properly. While these estate plans don’t need to be unique, they do need to be carefully done, or you can risk some issues down the road.Īlso, because of the legal changes that have occurred recently, it’s wise to revisit any previously drafted documents to make sure they conform to today’s laws.īut first, let’s examine some of the basics to get you up to speed.Īn estate plan is a set of written documents that dictate how you want your assets handled upon your death. These unique issues can make estate plans for same-sex couples more vulnerable to challenge or even outright sabotage by unsupportive family members. > Navigating complex family dynamics where their union may not be viewed as acceptable > Adoption of children by non-biological parents Same-sex couples still commonly face situations that require additional financial planning: While it is a huge step forward, unfortunately, it doesn’t solve everything. The recent recognition of same-sex unions has, of course, helped couples realize tax savings and other legal benefits. However, with fewer children and sometimes contentious family issues, estate planning is even more critical for same-sex couples. These issues potentially impact everyone. The taxman may also take a much bigger bite than needed. That’s important because if you die without an estate plan in place, your assets may not end up where you want. If there’s been one silver lining to the pandemic, it’s that it has motivated many people to prioritize estate planning. Critical Estate Planning Tips for Same-Sex Couples
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