5 Estate Planning Solutions for LGBTQ Couples

Every state varies on estate planning guidelines for LGBTQ couples. However, we're guaranteed to help you and your spouse find the best possible answers to your estate planning through our office. Here's a comprised list of five estate planning solutions for LGBTQ couples.

Initializing Health Care Directive

The health care directive has two parts: the living will and the durable medical power of attorney. The living will detail the type of medical care you receive once you've passed away. A durable medical power of attorney lists the overseer of all medical choices for you if you cannot decide for yourself.

Additionally, you must have another power of attorney for finances. Having a durable financial power of attorney lists one party as the head of all financial decisions on your behalf. As an LGBTQ couple, it's essential to have this document, especially if you aren't married. When you make up your estate, you need to ensure your partner is listed down to make all final financial decisions.

Plan Out All Assets

All assets include pets, children, personal belongings, bills, property, and more. However, they mean different things. Constructing your support is called a last will or testament. The last will demonstrates the final verdict and division of all assets to family, friends, and spouses.

Your testament is what's read and gives the beneficiaries their share of your assets. Also, ensure you have a list of trustees who can execute all assets accordingly, including your spouse.

Finalize Your Beneficiaries

When curating your list, choose those who can successfully take on the assets. For instance, choose someone who can provide proper care for your children if your spouse cannot take them due to financial situations or other reasons.

For LGBTQ couples, beneficiaries are the biggest point to note, especially if you live in a state that has strict rules. Make a note of every beneficiary before you finish all paperwork for your estate planning.

Consider Care for the Children

While exploring the best options for childcare with your spouse, the biggest hurdle to leap concerns laws for biological parents of children. In other words, if you or your spouse is the biological parent, and you pass on, your spouse may not be granted custody of your child.

However, there is a way around the rule. As long as you provide a court order stating you're the child's parent, you have the right to custody. The care clause of your estate also includes other dependents and pets.

Work With a Professional

Your choices may be slim in other places. However, we proudly offer LGBT estate planning in Vancouver for couples who want to set up an estate plan. Our services will provide you with the necessary tools to get your estate planned out accurately.

Vancouver Wills and Trusts provides tools for everyone, including LGBTQ couples. As couples prepare their estates, they can contact our offices for more information about estate planning solutions for LGBTQ couples.