Unlike other couples, there are some unique challenges that same-sex couples face when planning their estate. These often make most couples shy away from estate planning. However, it is still one of the best ways for spouses to ensure their assets are in the right hands if they die.
According to USA Today, same-sex marriages are legal, but couples will still have to face the patchwork of state laws that control their estate planning.
They must ensure that all past relationships do not affect their current marriages. It will ensure that the other spouse takes control of the assets after death. Couples who break up and do not dissolve their marriages often find themselves in tough situations.
If a couple has kids, having a will is crucial. It helps their kin, and the court has an easy property division process. There is a lot of confusion in situations where there are kids out of wedlock, and there is no clear direction on how the assets should get divided.
It is also a good idea for same-sex couples to give their spouses a power of attorney. It enables their spouses to handle health and finances when they are unable to do it solely.
According to NIA, if they plan to leave their estate to their kids, they must include adoption in the estate plan. Since, in most cases, only one parent is related to the child, step-parent adoption is necessary. This way, it will be apparent that those are their kids.
Never assume that one can win it. DIY estate planning is not a good idea for same-sex couples.