Today we will discuss two important topics: Healthcare Power of Attorney, as well as utilizing trusts.
First, Healthcare Power of Attorney: So, It’s important to have a healthcare power of attorney, which gives your partner the power to make healthcare decisions on your behalf. While this is technically only necessary for unmarried individuals, it is a good practice for all couples. Unfortunately, people encounter unscrupulous doctors or hospital staff who decide not to recognize their marriage due to discrimination. Having a healthcare power of attorney requires them to respect your wishes.
Utilizing Trusts: A revocable living trust is a useful planning vehicle, especially for LGBTQ families. Unlike wills, revocable trusts are not in the public domain. This helps keep your estate private from nosy friends and neighbors and can also help minimize offending other family members.
Revocable trusts can be flexible, allowing them to be changed while someone is alive and becoming irrevocable upon death. This is important because, unlike wills that can be successfully challenged, trusts cannot be contested by others, including family members who are antagonistic towards your lifestyle choices.