Marriage creates an assumption of a shared life together. With marriage the government assumes, among other things, shared property and a shared investment in each other’s well being. The Supreme Court ruling on June 26, 2015, brought marriage equality nationwide.
Even with marriage equality, estate planning remains vitally important to protect you and your family. Estate planning is ultimately about protecting your family when they may need it most. Creating a comprehensive estate plan allows you to make important personal decisions about your care and the care of your family. Below are just a few of the many reasons estate planning is necessary:
If you have children, it’s necessary to appoint guardians for your minor children and trustees to manage their property. In absence of such planning, a court may make such appointments;
Without a will, the process of transferring property upon death can be costly, cumbersome, and time consuming;
While a spouse can make medical decisions on your behalf if you are incapacitated, a durable power of attorney is necessary for your spouse to manage all of your finances if you are unable to do so due to incapacity or other reason;
A will is necessary to control disposition of your assets. Without a will, state law decides who inherits your property;
Coordinating the disposition of all your assets, including life insurance and retirement benefits; and
Providing for a seamless transition of a family-owned business between generations.
In addition, for the many couples who choose not to marry, estate planning remains vitally important to gain some of the protections for your family otherwise available through marriage.
This estate planning package helps to ensure that you and your family are better protected under Texas laws:
While these documents provide basic protections, every family is different and therefore has different needs. If you are interested in discussing your needs or if you have any questions, please contact us.
We offer LGBT Estate Planning in Austin, Round Rock, and surrounding areas.