Estate Planning for LGBTQ+ & Expansive Families

A will is a document that indicates who you want to inherit your property and in what order. Property is more than just real estate, money or stocks. It’s also what is important to you. A fabulous shoe collection? Your Zayda’s tallit? Poetry books that got you through a hard time? In your will you will nominate someone(s) you trust to be the “executor(s)” who can distribute what you cherish to those you love. Wills can also be used to choose a guardian(s) to care for your child(ren) and/your pets.

In general terms, a trust is a legal tool used to hold property for the benefit of another. There are many reasons to include a trust in an estate plan. One of the most common reasons in California is to avoid probate, a highly expensive, prolonged and public court process. In California, if you have money above a certain amount or own real estate, your property will automatically go through probate, unless it is in a trust. Other reasons a trust may be helpful in your estate plan is whether you have minor children, disabled children, concerns about long-term elder care, an interest in redistributing your wealth to non-profits or to individuals outside your direct descendant line, and many more. Depending on your situation, a trust, in addition to a will, could make all the difference in ensuring your resources make it to your loved ones as efficiently and effectively as possible.

An AHCD is a document that details the type of health care you would like to receive when you are “incapacitated,” meaning you can no longer make decisions for yourself. AHCDs are very important for making your wishes clear to your loved ones on key issues such as whether you want your life prolonged and if so, in what situations, what type of treatment do you not want to receive, what pronouns doctors should use when treating you, who is allowed at your bedside, etc. AHCDs also include HIPPA releases, which allow your chosen health care agent(s) to have access to your private medical information to carry out your wishes. Without this, your loved one would be very limited in what information they could access, even if they are your legal spouse. AHCDs also deal with issues that arise after death, such as organ donation and funeral service details.

A financial power of attorney is a document in which you grant one or more individuals the the power to manage a range of matters relevant to your day-to-day life. For example, the ability to pay your bills, operate your bank accounts, refute credit card charges on your behalf, deal with your social media accounts. The power of attorney document empowers a person of your choice to deal with critical financial issues in the case of incapacity or death. Without this document, whoever you trust to fill this role will not be able to access your financial information in the case of an emergency.