As the country faces new political leadership, many members of the LGBTQ+ community may feel anxious about potential shifts in legal protections, including estate planning and other family considerations. With shifting policies on the horizon, now is the time to ensure that your wishes and your loved ones’ rights are safeguarded—no matter what the future holds.
Why Estate Planning Matters
In recent years, legal protections for LGBTQ+ couples and families have been secured. If you are legally married, you do not need to remarry. Even if the federal government were to stop recognizing marriage equality, existing marriage would likely remain valid. Further, marriage is controlled by state law, and here in Colorado, voters this week approved the removal of an antiquated constitutional ban. Nonetheless, it is essential for everyone, but especially LGBTQ+ individuals to create a comprehensive estate plan that enshrines your wishes and protects your loved ones if the laws or legal interpretations change.
Key Areas to Address in Your Plan
1. Marriage & Property Rights:
If you’re married, ensure that your property and asset distribution reflects your wishes. Even if laws are reevaluated, legally recognized wills and trusts, provide strong protection for your partner and assets. If you’re considering getting married, go over the rights and responsibilities that come with that, including at death or divorce, and whether you may want a marital agreement to modify those rights.
2. Health Care Directives & Powers of Attorney:
Make sure you have a health care directive (living will) and durable powers of attorney. These documents empower your partner or chosen family member to make medical and financial decisions on your behalf if you are unable. This can be particularly important if your relationship’s legal recognition is ever called into question, whether in court or at a hospital or by unsupportive relatives.
3. Parental Rights & Responsibilities:
For LGBTQ+ families with children, especially those with only one legally recognized parent, guardianship designations, and in Colorado, confirmation adoptions or parentage judgments, are crucial. Keep these safe and accessible to ensure that your children will be cared for by the individuals you trust. A birth certificate, even with your name listed as a parent, does not protect you.
4. Frozen Sperm, Eggs, or Embryos:
Align your estate planning documents to include language about frozen gametes you may have stored. Check to see if any extra protections are needed based on the state where the cryobank is located or if they should be moved to another state. Make sure any clinic forms align with your intent for what would happen in the event of a death or separation, and whether you need a more clear written contract.
5. Updating Beneficiary Designations:
Many assets, such as retirement accounts and life insurance policies, are distributed based on designated beneficiaries, not necessarily through a will or trust. Confirm your designations are up to date, so your chosen loved ones will receive these benefits directly.
6. Creating a Trust for Added Protection:
A trust can offer additional layers of security, privacy, and control over how and when your assets are distributed. It can be particularly beneficial for individuals with complex family dynamics or those who wish to ensure their estate remains in trusted hands.
Be Proactive, Not Reactive:
Estate planning may seem daunting, especially in uncertain times, but proactive steps now can ensure that your loved ones and assets remain protected. Whether you’re starting your estate planning journey or need a review, consulting with an experienced attorney who understands the unique challenges facing the LGBTQ+ community can provide peace of mind and future security.
Contact Sarah Morris Law today. We’re here to help you navigate these times with confidence and clarity.
