Even though most people recognize that putting at least a basic estate plan in place is important to ensure their legacy and protect their loved ones, only 32 percent of Americans actually have an estate plan in place. There are many reasons why people have yet to create an estate plan, such as the persistent misconception that estate planning is only necessary for high net worth individuals or those who have reached retirement age. For others, procrastination is to blame—many people simply do not have the time to sit down with an estate planning professional to discuss uncomfortable topics like incapacitation or death. However, as daunting as the estate planning process may seem, those who take the time to engage in this important process often feel more empowered and optimistic about the future. No matter what the future may bring, they can trust that their loved ones and their vision for their legacy will remain protected and respected. While anyone can benefit from the estate planning process, same-sex couples and members of the LGBTQ+ community have unique considerations to explore when planning for the future. At Kristina Mattson Law, we’re committed to helping every client understand their estate planning options so that they can make informed decisions with greater certainty and confidence. This post will explore some of the key estate planning documents for same-sex couples and LGBTQ+ individuals to consider putting in place to ensure a bright and stable future, no matter what it may hold..
Understanding Your Washington Estate Planning Options
While the ideal estate plan will be customized to suit your specific needs and goals, there are a few essential estate planning documents that most everyone can benefit from implementing. Let’s take a look at some of the most important LGBTQ+ estate planning documents to consider when beginning this process.
Wills for Same-Sex Couples
When most of us hear the term “estate plan,” we tend to think of a last will and testament. Essentially, a will serves as the guide that articulates your wishes regarding how you’d like your assets to be distributed among your named beneficiaries upon your passing. Without a valid will in place, your estate will be administered according to Washington’s intestacy laws, which may not align with your preferences. The only way to ensure that your estate is handled according to your wishes is to create a will. This is especially important for unmarried members of the LGBTQ+ community, as these intestacy and succession laws will not recognize anyone other than a spouse, child, parent, sibling, (or other blood relatives) as beneficiaries in the event of your passing. In other words, state laws do not address LGBTQ+ inheritance rights, so it’s up to you to put your preferences in writing. You can work with your knowledgeable Spokane estate planning attorney to create a will that clearly expresses your wishes for the administration of your estate, such as your wish for your spouse or long-term partner to inherit your estate in the event of your passing.
Trust Planning for LGBTQ+ Couples
Trusts are estate planning tools that can remove the need for probate and streamline the transfer of assets upon one party’s passing. For instance, setting up a living trust allows you to designate your spouse or partner as the trustee so that your trusted loved one can oversee the trust in the event of your incapacitation. Additionally, living trusts offer additional privacy, as you will be able to circumvent a legal process known as probate (which involves publicly available court records that exposes private details and sensitive information). Same-sex couples and members of the LGBTQ+ community may value the added privacy and protections of trusts, so it’s worth discussing your options with a dedicated and trusted estate planning lawyer to learn more.
Advance Directives for Health Care
When we become too incapacitated to make critical decisions about our healthcare and treatment options, we want to trust that our loved one will step in to make the best decision on our behalf. When you include an Advance Directive for Health Care in your estate plan, you can rest assured that your wishes will be known and respected in the event of a sudden accident or illness that prevents you from communicating your preferences. Same-sex partners can designate one another to serve as their advocate in these circumstances. Moreover, putting an Advance Directive in place minimizes potential issues where a same-sex or LGBTQ+ partner may be denied access to their incapacitated spouse or partner. If you are interested in learning more about how you can best protect yourself and your loved ones in the event of your incapacitation, reach out to Spokane’s go-to estate planning professionals today.
Other Inheritance and Beneficiary Designations for Same-Sex and LGBTQ+ Couples and Individuals in Washington State
In addition to documenting your preferences regarding the administration of your estate in your will, it’s also important to officially designate your spouse or partner on your retirement accounts, life insurance policies, and other assets. Without these clear beneficiary designations, your loved one may be denied access to these accounts upon your passing. Moreover, LGBTQ+ parents can face additional questions about how to include guardianship provisions for their children. Even though LGBTQ+ and same-sex protections are stable in Washington state, federal protections may not be as secure. As you discuss your estate planning options with your highly qualified and compassionate Spokane lawyer, it’s important to identify the strongest protections that keep you and your loved one as safe as possible—no matter what the future may hold.
Start Planning For a Brighter Future Today
At first, the estate planning process can seem intimidating, as it may never feel like “the right time” to picture a future in which you are incapacitated or no longer present to provide for your loved ones. However, working with a dedicated and experienced estate planning attorney can empower you to face the future with confidence and feel secure that your loved ones and legacy will enjoy a stable tomorrow. Whether you are interested in learning more about same-sex inheritance strategies, trusts for LGBTQ+ couples, or estate planning considerations for LGBTQ+ parents, reach out to Kristina Mattson Law today to get started.
At Kristina Mattson Law, we prioritize the best interests of every individual and family we serve. We believe in providing you with the personalized legal guidance you need to face the future with confidence. Please call our Spokane, Washington office today at (509) 998-6629 to get started with an experienced and caring estate planning attorney.
