Unique Estate Planning Issues for Same-Sex Couples in Virginia
Experienced trusts and estates lawyers understand the unique challenges you may face in Virginia when estate planning for same-sex couples, from ensuring the protection of your partner and children, to addressing potential inheritance disputes. A skilled attorney could guide you through creating wills, trusts, and other estate planning tools that reflect your wishes and safeguard your family. With personalized, knowledgeable support, Price Benowitz helps LGBTQ clients plan confidently for the future and protect what matters most.
Powers of Attorney
A same-sex marriage in Virginia has the same legal estate planning issues as any other. Still, partners want to make it apparent who can make decisions for them if they are unable to do so themselves. Each spouse should ensure the other has the power of attorney to make both financial and health care decisions if one of them become incapacitated. Powers of attorney are an integral part of any estate plan that must be in place now so that they are effective when needed.
Coordinating Beneficiaries for Accounts
Some of a couple’s assets could be held in transfer-of-death accounts, like retirement, investment, and checking accounts. The assets in these accounts are automatically transferred to the beneficiaries upon the death of the account holder. As with any Virginia resident, LGBTQ couples should coordinate the naming of beneficiaries to these accounts with their estate plan. The distribution of these assets will follow the decedent’s instructions, so it is vital that they are correct.
Guardianship for Minor Children
One or both partners in an LGBTQ relationship may have had children before the marriage, or they may have adopted or utilized surrogacy after marriage. The estate planning documents should designate the surviving spouse as the children’s guardian when one partner passes away. This action is just as crucial when the couple has children together to avoid any misunderstandings that could cause legal difficulties.
Trusts for an LGBTQ Couple
Trusts can be a powerful tool for LGBTQ couples seeking to protect their assets, plan for the future, and ensure their loved ones are cared for. One of the main advantages is control over asset distribution. Unlike a simple will, a trust allows couples to specify exactly how and when beneficiaries receive assets, which is particularly useful for protecting children, stepchildren, or other dependents.
Trusts can help avoid probate, ensuring privacy and a quicker transfer of assets upon death. For same-sex couples in Virginia with more complicated legal situations—such as those involving prior marriages or non-biological children—a trust can help guarantee that the intended beneficiaries inherit the assets according to the estate plan, minimizing potential disputes from family members or external parties.
Trusts also provide financial protection and flexibility. For instance, a revocable trust allows couples to manage assets during their lifetime and make changes as circumstances evolve, while an irrevocable trust can shield assets from creditors or reduce estate taxes.
Additionally, trusts can address health care and incapacity planning, allowing a partner to manage finances or medical decisions if one partner becomes incapacitated. Overall, trusts offer LGBTQ couples tailored, legally enforceable solutions to safeguard their families and legacy.
Another benefit of trusts is that they may offer privacy. Probate is a more public process, and couples may wish to keep their matters private, so trusts offer more control over the situation.
Contact a Virginia Lawyer Who Understands the Unique Challenges Involved With LGBTQ Estate Plans
Protecting your family and legacy is essential, especially when there are unique estate planning issues. The trusts and estates lawyers at Price Benowitz provide personalized guidance to ensure the protection of your assets, children, and loved ones according to your wishes. From creating trusts and wills, to handling health care directives and estate administration, we help you plan for every eventuality. Contact the firm today to schedule a case evaluation and take the first step toward securing your family’s future with confidence and peace of mind.