Although married same-gender couples are now enjoying nearly all of the same rights as opposite-gender couples, there is still one key right that’s still up in the air—the automatic right to be legal parents. While parental rights are automatically bestowed upon the biological parent, the non-biological spouse/parent still faces a number of challenges when it comes to obtaining full parental rights. Luckily, same-gender couples do have an alternative to adoption—estate planning.
Although same-gender marriage is legally recognized in all 50 states, long-held prejudice at both political and family levels continues to create complications for married and unmarried same-gender couples. With this, especially if you're a member LGBTQ+ community, estate planning is even more critical for you and your beloved to ensure that they will be protected and provided for in the event of your death or incapacity.
Divorce can be one of life's most stressful events. With so many major changes taking place, it's easy to forget to update your estate plan—or simply put it off until it's too late. After all, dealing yet with another lawyer is probably the last thing you want to do. However, neglecting to update your estate plan for divorce can have tragic consequences. And you shouldn't wait until the divorce is final to rework your plan—you should update it as soon as you realize the split is inevitable.
Planning for your potential incapacity and eventual death is probably the farthest thing you have in mind, but getting it handled as part of your wedding planning is the greatest gift you can give your soon-to-be spouse. Indeed, once your marriage is official, your relationship becomes entirely different from both legal and financial perspectives, so here's we cover the final three of the six essential items you need to address in your plan.
As we head into the peak of wedding season, if you are a newlywed or are about to tie the knot, add "estate planning" to your do list. And yes, we imagine that at this happiest time of your life, planning for your potential incapacity and eventual death is probably the farthest thing from your mind right now, but getting it handled as part of your wedding planning is the greatest gift you can give your soon-to-be spouse.
Going into business with your spouse or romantic partner can be an amazing opportunity—but it can just as easily be an absolute nightmare if not handled properly. Regardless of how amazing your love life may be, there's no guarantee you'll be equally compatible in a working relationship. It can potentially wreck both your business and marriage if things don't work out. Make sure to clarify the potential problems, risks, and benefits before jumping into business together.
Just like any parenting arrangement, platonic parenting requires massive levels of trust, communication, and planning since child-rearing is an immense responsibility that lasts a lifetime. Having an estate plan designed specifically for your family's condition that spells out you and your partner's legal rights, responsibilities, and wishes ensure your new family has a proper legal foundation that keeps them away from court and conflict in the event of your potential incapacity or death.
Same-Gender spouses are often challenged when they need to make parental, medical, and financial decisions for partners who are incapacitated or unable to communicate because they may have family members who remain opposed to the validity of their marriage. If you're in the same situation, you especially must need to put a comprehensive estate plan specifically design for your situation to ensure your planning strategies for your loved ones work exactly as you intended. Learn more here.
Science now allows us to immortalize ourselves or our loved ones by turning cremated ashes into diamonds. This interesting way to create everlasting memories can help you keep memories of your loved ones close to you after they are gone. Read more about the process and materials that can be used for it here.
Here are a few things women should know about estate planning and how it can help protect the financial security of loved ones. Things like making less in their careers and having less in savings due to pay discrepancies and time taken out of the workforce to raise their families, estate planning is an even more important task.