There’s a new hub of online information for older gay and lesbian Americans. AARP has launched a new site, called “Pride Comes in All Ages,” geared specifically toward the senior LGBT community.

The webpage covers a variety of issues, including personal finance, news, relationships, and estate planning. It also provides information about AARP’s official position and advocacy efforts concerning the gay community.

In addition to informative articles, the site also offers videos and radio stories highlighting a range of issues. For an eye-opening read, you might want to look at this article by Michael Adams, executive director of SAGE, outlining the healthcare and financial issues facing seniors over age 65.

Because of current policies in many areas of the country, estate planning is of special concern for LGBT seniors. Are you prepared for issues like long-term care, incapacity, and death? If you don’t have a solid, up-to-date estate plan, you should talk to an experienced estate planning attorney and put one in place.

The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.

In planning your estate, a variety of methods are available for distributing your property to those closest to you.  For same-sex couples, possibly the least appealing of these methods is the Will.  This is because Wills have to be probated, and the probate process carries with it two major drawbacks:

1)      During the probate process, your Will becomes a matter of public record. This means that anyone who is interested can access your probate file and find out a range of personal information, including the identities of your beneficiaries and how much each inherited.

2)      As part of the probate process, a copy of your Will is sent to your heirs and beneficiaries. The variety of people who are given notice of the probate proceeding and who get to see a copy of your Will can tend to invite Will contests, particularly if your family members are not supportive of your relationship with your partner. Even an unsuccessful challenge to a Will can prolong the probate process, deny your partner access to your property while the challenge is pending, and substantially increase the legal fees paid by your estate.

Because of the disadvantages of the probate process, a Living Trust might be a better option for distributing your property. Trusts do not have to go through probate, which means that the administration of a trust once you pass away is largely a private affair.  This not only shields your estate plan from the public, but it also reduces the number of people who are notified that your trust is being administered and may reduce the likelihood of estate litigation.

Plus, a Living Trust can be drafted to allow your partner, as successor trustee, to manage any assets held by the trust in the event of your incapacity.

A Trust is just one part of the estate planning puzzle.  You’ll want to consult with an estate planning attorney to ensure you have a plan in place that affords you and your partner as much protection as possible.

In planning your estate, a variety of methods are available for distributing your property to those closest to you.  For same-sex couples, possibly the least appealing of these methods is the Will.  This is because Wills have to be probated, and the probate process carries with it two major drawbacks:

1)      During the probate process, your Will becomes a matter of public record. This means that anyone who is interested can access your probate file and find out a range of personal information, including the identities of your beneficiaries and how much each inherited.

2)      As part of the probate process, a copy of your Will is sent to your heirs and beneficiaries. The variety of people who are given notice of the probate proceeding and who get to see a copy of your Will can tend to invite Will contests, particularly if your family members are not supportive of your relationship with your partner. Even an unsuccessful challenge to a Will can prolong the probate process, deny your partner access to your property while the challenge is pending, and substantially increase the legal fees paid by your estate.

Because of the disadvantages of the probate process, a Living Trust might be a better option for distributing your property. Trusts do not have to go through probate, which means that the administration of a trust once you pass away is largely a private affair.  This not only shields your estate plan from the public, it also reduces the number of people who are notified that your trust is being administered, and may reduce the likelihood of estate litigation.

Plus, a Living Trust can be drafted to allow your partner, as successor trustee, to manage any assets held by the trust in the event of your incapacity.

A Trust is just one part of the estate planning puzzle.  You’ll want to consult with an estate planning attorney to ensure you have a plan in place that affords you and your partner as much protection as possible.

The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.

If you’re part of a same-sex couple in North Carolina, you need to be extra-vigilant about estate planning.  Why? Because, as you know, the state does not recognize any form of same-sex unions.  So, even if you and your partner spend a lifetime together as a family, if one of you passes away without an estate plan, the law treats you as though you had no ties to each other.

Your Estate Plan

If you pass away without an estate plan, your property will pass by state law to your nearest blood relatives, effectively disinheriting your partner.  So, if you want your assets to go to your partner – or to friends, or to charity – then you’ll need to have a solid estate plan.  This includes:

1. A Will.  A Last Will and Testament is a foundational part of your estate plan.  With it, you can distribute your property to your intended beneficiaries, and you can name a guardian for your children, plus a trustee to manage their property. 
2. A Revocable Living Trust.  Your estate planning attorney can help you decide whether you need a Revocable Living Trust.  This estate planning tool allows for the management of your assets during your lifetime, both while you’re well and if you become incapacitated, and it provides for the distribution of your property once you pass away.  A properly funded Revocable Living Trust allows you to avoid probate, often saving your loved ones time and money.  Plus, it affords privacy that’s not available with the probate process.

Your Incapacity Plan

With an incapacity plan, you can help ensure that your partner has access to and control over your finances and has a say in your medical care in case of your disability.  An incapacity plan includes:

1. A Durable Financial Power of Attorney. This document allows you to appoint an agent to manage your finances for you in the event of your disability.
2. A Living Will. This document lets you tell your doctors what medical treatment you want, in case you’re terminally ill or severely injured, and unable to communicate your own medical wishes.
3. A Durable Power of Attorney for Healthcare.  If you reach a point where you can’t make healthcare decisions yourself, you use this document to appoint an agent to make these decisions on your behalf.

Depending on your family’s specific needs, you might opt for a more advanced set of estate planning tools to take care of tax planning, asset protection, and other concerns. 

We can guide you in making the best planning choices for protecting yourself, your partner, and your family.  Call us to set a time to review your needs and how we can help – (336) 547-9999.

The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.