About 70% of People Never Complete Their Estate Plans
Did you know that about 70% of people never complete their estate plans in their lifetimes? This can work fine for some straight couples because Minnesota estate planning laws presume to leave the inheritance to their spouses, children, parents or siblings. For most gay and lesbian couples, however, this legal standard is often totally opposite of what they want.
Importance of Estate Planning
This is why it is important for gay and lesbian men and women to take charge of their own legacies and have an estate plan that meets their needs.
Gay and lesbian people are no different from the rest of the population in not wanting to think about disability or death.
However, if one of the partners fall ill and cannot direct his or her medical care, the blood relatives, not the domestic partner will probably be making the decisions of how the disabled person will be cared for.
Estate Planning Is A Must For The Partner To Receive Assets
When the gay person dies without a Trust or a Will, the partner of the deceased person will usually get little or nothing of the decedent’s assets. A carefully prepared trust is a good device to be sure that your wishes are carried out in case you become sick or disabled.
If you want your partner to be involved in the decisions that can affect your healthcare treatment, a healthcare directive can help make sure that happens. If you want to leave your bank accounts, investments and real estate to your partner when you die, a trust is a good way to accomplish that.
A trust is preferred for all of these things because it is fast, certain and preserves your privacy. When done correctly, a trust can also avoid probate court proceeding.
Bill Peterson is a Minnesota Estate Planning Attorney with over 40 years of experience as a lawyer. He can help you plan for the future by creating a Minnesota Estate Plan. For more information, please visit http://www.mnestateplan.com or call toll free at 952-641-7312.
The contents of this article are for information only and are not to be interpreted as legal advice. For personal legal advice you should consult with an attorney who is experienced in probate law or estate planning.