Estate Plan Considerations for Same-Sex Couples

Estate Plan Considerations for Same-Sex Couples

Although an estate plan is an important part of any individual’s financial affairs, same-sex couples may have additional considerations to keep in mind when planning for the future. Through a sound estate plan, these couples can handle both legal and non-legal issues so that they remain protected in case one party passes away.

Legal considerations

When a solid estate plan is not in place, the state of Florida decides how the assets of the decedent are handled. By creating an estate plan, you can help ensure that property is passed down to the beneficiary or beneficiaries of your choosing and that the guardian you select secures custody of any minor children you have.

Estate plans may also dictate who is allowed to make decisions related to your medical treatment and finances in the case that you become incapacitated. Although recent rulings have afforded same-sex couples greater protection under the law, it is still critical that you and your partner clearly outline your wishes in a binding legal document.

Non-legal matters

Having an estate plan can also protect the welfare of your partner after your passing by ensuring he or she receives proper treatment and inheritance of shared assets. This is especially true in special circumstances in which family members may not be aware of or support your relationship, or if you are not legally married.

If you are a member of a same-sex couple and would like to know more about how having a sound estate plan can benefit your relationship and protect your assets and best interests, consult the skilled Tampa will and trust attorneys at BaumannKangas Estate Law.