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Why an Estate Plan is Important
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A LGBT couple can avoid numerous problems through proper estate planning:
A Living Trust can establish the client's partner as the trustee, i.e. manager of the client's affairs (if he or she so desires) if the client becomes incapacitated through illness or accident.
The Health Care Power of Attorney can also avoid the potential problems of the client not maintaining control over his/her health care decisions and the partner not having access to his/her partner during a period of incapacitation.
A proper estate plan will ensure the client's assets are distributed to whom he/she wants, when and how he/she desires.
The Living Trust guarantees privacy, through avoidance of probate and its process of opening court records. This would be beneficial for any clients and their partners who wish for their relationship to remain confidential.
Proper estate planning assures that any surviving minor children are raised by the person designated in the plan.
Finally, although there are no spousal benefits for LGBT couples (compared to those of heterosexual married couples) proper estate planning will ensure correct strategies are used to avoid penalties, extra taxation when possible, and the court and attorney costs of probate.