Estate Planning Wills and More for LGBTQ

OutBüro - LGBTQ Voices

In this episode of OutBüro Voices featuring LGBTQ professionals, entrepreneurs, and community leaders from around the world, host Dennis Velco chats with Dr. Kelly. Today we are chatting about the need and importance of having wills and other end-of-life planning for LGBTQ persons.

Don't leave headaches, problems, burdens for others. Estate planning including a will ensures your wishes and desires are carried out as you would like. It can be slightly more complex for persons who identify as gay, lesbian, bisexual, asexual, intersex, transgender or queer in several ways. First, if estate planning is not done, family members who may not support you for who you are may swoop in and take all your assets away from those you intended to have them if no current will is present. Also, family members who acted/seemed like they supported you as LGBTQ, can change their tune once you are gone. Why chance it?

With a little bit of time and planning, you can legally ensure your wishes are honored. Use a licensed attorney in the state you reside in and have assets in.

When someone passes away the ugliness and greed in others come out. In many US states having a will may allow your case to bypass probate court. In other states that require all estates to pass through probate court, having a will, will be the guide the judge uses and speeds up the process. Not having a will is a sure way to have all your assets tied up in a probate court where the judge then has no clue about your desires and intentions and then will distribute your assets solely based on blood family relations.

Estate Planning Tips: Fresh - Keep a current active will that is less than 3 years old. Plan - In planning, make a list of all your current assets, descriptions, location, value, etc.

No Assets? A will is still needed, consider if there may be a wrongful death lawsuit case awarded to your estate. Your Family as you Define It - As an LGBTQ+ person, you may have a life partner, have a family of choice, and community non-profits you'd like to support and give your assets to.

Designate Guardian for Minor Children - If you have minor-aged children, having a will is important to ensure the child will be placed in the care of who you choose and again that all decisions you want to make to care for the child after your passing is done.

Many LGBTQ persons choose to live with a life partner yet are not legally married. Note even if married, a will is smart, but LGBTQ persons who are in a long relationship yet not legally married definitely need to leverage the legal structure of a will. A will is your last love letter to those you love. It lays out the distribution of your assets in the event of your death.

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