Same-Sex Couples Still Face Some Unique Estate Planning Challenges

 Posted on June 22, 2017 in Estate Planning

While most married couples can benefit from estate planning, it is not a hard or critical requirement. Most often, their assets would go to their spouse upon death, and minor children remain with the surviving parent, as long as the parent does not supersede them in death or die along with them. Even medical decisions are typically deferred to the spouse if one of them becomes incapacitated. Unfortunately, this is not always the case for same-sex married couples. Learn more about the challenges that same-sex couples face in estate planning, and what you can do to protect your family, with help from the following information.

Same-Sex Couple Estate Planning Challenges

Same-sex couples may experience numerous challenges in the event of death or incapacitation of one member. Families that refuse to accept the sexual orientation of their loved one may challenge the validity of a spouse's inheritance; doctors may question the authenticity of a same-sex marriage, which can delay treatment; and even children may be temporarily removed from a loving parent if the validity of a same-sex marriage is questioned. In short, many potential areas can create post-death issues for surviving spouses in a same-sex marriage.

Why the Challenges Continue to Exist

Even though same-sex marriage is now legal in all 50 states, state laws continue to lag - some more so than others. For example, Illinois not only recognizes same-sex marriage, but it also protects the rights of same-sex couples when it comes to adoption. Same-sex couples are also treated the same as heterosexual couples, should they ever decide to divorce. Still, even in states like Illinois, it is crucial that same-sex couples protect their loved ones with an estate plan.

Protecting Your Family with an Estate Plan

Every married couple should have a will in place, but same-sex couples are encouraged to go beyond this basic estate planning document. A trust can reduce the risk of probate challenges, powers of attorney and living wills can reduce issues that may arise in the event of incapacitation, and adoption to ensure both parents are listed as legal guardians are ways that same-sex couples can protect their families from the possible challenges of same-sex estate planning.

For assistance with your estate plan, contact Stock, Carlson & Asso. LLC. Our Wheaton estate planning lawyers are backed by over 40 years of legal experience, and we can work with you to develop creative solutions for your unique situation. Schedule a consultation with us by calling 630-665-2500 today.

Source:

https://www.usatoday.com/story/money/personalfinance/retirement/2017/06/17/estate-planning-more-complicated-same-sex-couples/102862578/