Earlier this month, we initiated the conversation on the significance of LGBTQ+ families engaging in personalized estate planning. While strides have been made in LGBTQ+ rights, estate planning laws primarily cater to heterosexual, cisgender couples. Without proper planning, your rights and wishes may not be upheld in the case of incapacity or death.
In this installment, we delve into two additional reasons why custom estate planning is imperative for every LGBTQ+ family.
If you missed last week’s blog, make sure to read it here to get the full scoop..
Let’s dive in!
3. Traditional Lawyers May Lack Expertise for LGBTQ+ Families
Despite increased visibility and recognition of same-gender and LGBTQ+ relationships, many traditional lawyers still navigate uncharted waters when creating effective estate plans for LGBTQ+ clients.
Some lawyers lack experience in serving LGBTQ+ families due to historical disparities in rights, with legal recognition for these families evolving only in the last eight years. For attorneys with decades of practice, these recent developments may be unfamiliar territory.
Similarly, many LGBTQ+ families, being relatively new to the concept of legalized same-gender marriage, may not have pursued estate planning due to a lack of awareness or understanding of its significance. Shockingly, only 30% of American adults have an estate plan, and a smaller fraction of that percentage consists of LGBTQ+ relationships.
Lawyers employing one-size-fits-all approaches may find crafting custom estate planning language for LGBTQ+ families challenging. This results in a considerable number of traditional attorneys ill-prepared to serve LGBTQ+ families adequately, potentially jeopardizing the creation of effective plans that honor their unique family dynamics and legacy.
Regrettably, some traditional lawyers may even decline LGBTQ+ families as clients due to discomfort or lack of expertise.
In response, it becomes imperative to collaborate with an attorney not only comfortable but passionate about serving LGBTQ+ families. An attorney who invests in understanding your family on a personal level can create a plan that not only safeguards your interests but also celebrates your family and its legacy.
4. Safeguarding Your Children’s Well-being
For LGBTQ+ individuals, family transcends biological ties, extending to chosen family members bound by love and shared experiences. The protection and well-being of children, especially those not biologically related to one of the parents, become paramount.
In the event of unforeseen circumstances, having a clear plan to determine legal guardianship is crucial. This is particularly relevant when children in the family are step-children or offspring of same-sex parents who are not married. In such scenarios, unique legal planning considerations may arise, and LGBTQ+ parents might face opposition from family members resistant to unconventional guardianship arrangements.
The designation of legal guardians in your estate plan ensures explicit clarity on who assumes responsibility for your children in your absence. This is vital for LGBTQ+ parents as they may encounter resistance based on guardians’ biological relationship or sexual orientation.
Legal guardianship becomes even more critical for LGBTQ+ families, offering a strategic approach to prevent potential disputes and guarantee the seamless care of your children. By legally documenting your preferred guardians, you secure the continuity of your children’s upbringing as per your wishes, irrespective of the guardian’s relationship to the children or their sexual orientation.
Choosing a lawyer who comprehends and respects your unique family dynamics is indispensable. Your loved ones deserve a plan that not only protects them and articulates your wishes but also elevates your family’s love, uniqueness, and future.
This Pride Month, honor all facets of who you are by safeguarding everything you cherish. As your Family Wealth and Estate Attorney, I comprehend the distinct challenges faced by LGBTQ+ families. My approach transcends traditional legal practice, prioritizing a heartfelt understanding of you, your loved ones, and your requirements. This ensures not just the protection of your family and the documentation of your wishes but the creation of a lasting legacy and narrative cherished by your loved ones.
For more insights into how I uniquely serve LGBTQ+ families, schedule a free 30-minute discovery call.
Happy Pride Month!
This article is presented by Michelle Bell, an expert in estate planning and business succession services. Our office provides comprehensive legal support for businesses, assisting you in making informed decisions throughout your entrepreneurial journey and in planning for future contingencies. We also offer a specialized session where we review your business’s legal structures. To arrange this consultation, please click the following link: https://calendly.com/mcblawpllc/30min.
The information in this article is intended purely for educational and informational use and should not be considered as advice on ERISA, tax, legal, or investment matters. For advice specifically tailored to your unique situation, such advice should be sought independently from this educational content.