Estate planning is important for all responsible adults, and this certainly includes members of the LGBTQ community.
Now that gay marriages are recognized by the state of Iowa along with the federal government, married gay couples enjoy the same rights as other legally married couples.
When you are married, your spouse would be first in line to inherit your resources if you died without a will or a trust directing the transfer of your assets. Your spouse would also be the person that doctors would look to for decisions if you were to become incapacitated and unable to communicate.
There are certain protections in place for married couples. However, even if you are legally married, you should have an estate plan in place.
Estate Plan Reviews
If you created an estate plan before you were legally married, you should have your outdated plan reviewed. This is true for gay couples, but in fact, it is true for anyone who is undergoing a change of marital status.
Much of the discussion about LGBTQ estate planning revolves around committed couples. This is understandable, but if you are a single adult, you should certainly have an estate plan in place.
You have the power to state your true wishes in a legally binding fashion. There is no reason to allow the state to decide who inherits your resources after you pass away.
It is also important to state your wishes regarding the use of life-support in the event of your incapacitation. This is done through the execution of a living will.
LGBTQ Estate Planning Consultation
Our firm is committed to assisting members of the lesbian, gay, bisexual, and transgender community in and around Davenport. If you would like to create an estate plan or revise your existing plan, contact us to schedule a free consultation.