Steps to Take to Protect Your Assets if You're LGBTQIA+: Bulletproof Estate Planning

Are you LGBTQIA+ and worried about protecting your assets? Don’t worry, you’re not alone!

We know that LGBTQIA+ persons face unique persecution risks especially when it comes to protecting their assets, with potentially devastating repercussions.

The sad reality is that even today, family members can still attempt to abuse their power and make decisions on behalf of a loved one because they think addressing the individual's "non-conformity" makes them incapable of making financial decisions for themselves.

Thankfully, there are ways you can take precautions and create protective measures…Estate Planning!

From personal asset protection pacts and trust-setting to other key questions related to equal access of benefits within same-sex partnerships; you need to be prepared by putting strong measures in place for your financial security today as well as into the future.

Some Ways To Protect Your Assets

Too often LGBTQIA+ community don’t have the same legal protection as their heterosexual counterparts.

To ensure that your assets are protected and distributed according to your wishes, a bulletproof estate planning is crucial.

Here are some ways to protect your assets in the event you’re incapacitated or you’ve moved on from this life.

Create a Will

Creating a Will is the first and most crucial step in estate planning.

This legal document outlines your final wishes for your assets, including who will inherit them, and how your loved ones will be taken care of in the event of your death.

Your Will must be precise and should be reviewed and updated regularly.

Review and Edit Contracts and Beneficiary Forms

Review all contracts and beneficiary forms that apply to your assets, including 401(k)s, life insurance policies, and retirement accounts.

Ensure that the named beneficiaries are the people you want to inherit the assets.

If there are specific people you don’t want to get any of your assets or have any decision making ability, you need to make sure your documents are foolproof by clearly stating that specific family members are excluded from receiving any assets or making decisions on your behalf.

Why?

Because without the proper documentation family members can potentially challenge and dispute your Will, questioning your mental capacity or the influence on your decisions in order to undermine your wishes.

To help guard against your state of mind when preparing your will you can ask your primary care physician to provide you with a letter certifying your mental capacity and ability to make your decisions.

Consider LGBTQIA+ Estate Planning Laws

There are some estate planning laws targeted towards the LGBTQIA+ community.

Ensure you’re fully aware of these laws and how they may affect your estate planning.

Looking for attorneys who have experience in serving the LGBTQIA+ community can help you navigate the many legal considerations specific to your situation in a compassionate, responsive, and non-judgmental manner.

Create a Trust

A trust can be a great way to protect your assets while you're still alive. With a trust, you appoint a trustee to manage your assets on your behalf.

This trustee can be a family member, friend, or a professional. A trust can also offer privacy as its contents are not public record, which is beneficial if you want to keep your affairs private.

There are also many different types of trust to choose from, such as revocable and irrevocable trusts. Depending on your needs and circumstances, a trust can be an essential part of your estate plan.

No one likes to think about their own mortality, but creating an estate plan is a responsible decision that will bring peace of mind and protect the people you love.

Don't wait until it's too late. Start creating your estate plan today to ensure that your loved ones are taken care of when you're no longer around.

Need help with your Estate Planning? Contact our offices today.

DISCLAIMER: The content contained herein is for general informational purposes only.  These materials do not constitute legal or other professional advice.  We do not accept any responsibility for any loss that may arise from reliance on this information.  No reader should act or refrain from acting based on information contained in this article without seeking advice of counsel.