I was at a gathering recently of friends, and the topic of estate planning came up in conversation. Most of my friends are in their 20s or 30s, like myself, and the general consensus amongst most of my friends was that they didn't think that they needed an estate plan because they were too young and too healthy to begin planning for “end of life” considerations. However, when I mentioned to them that estate planning can actually be a tool to not only protect themselves and their loved ones, but also to grow their assets, I realized that there was a general lack of understanding of the intricacies and benefits of an estate plan, even to younger adults like myself.

When people think of estate planning, they often assume it’s something only older adults need to worry about. However, having a well-structured estate plan—including a trust and powers of attorney for property and healthcare—is just as critical for younger individuals. This is especially true for LGBTQ individuals who may face unique legal and familial challenges that make proper planning essential. As a member of the LGBTQ community, I am especially passionate about making sure that we are protected due to our unique status in society and the complications that can arise due to unclear areas of the law.

Why Estate Planning Matters for Younger Adults

            Life is unpredictable. Accidents, illnesses, and unexpected circumstances can arise at any age. If COVID-19 taught us anything, it’s that life is more fragile than we thought. Without a proper estate plan, young adults risk leaving their affairs in chaos, causing unnecessary stress for loved ones and potentially losing control over important decisions regarding their health, finances, and assets. This is especially important if you have children or property.

            Some key definitions of important terms for anybody who's looking to get an estate plan include the following:

1. Revocable Living Trust: A Revocable Living Trust is a legal entity that holds and manages a person's assets during their lifetime and distributes them according to their wishes after death. The grantor (the person creating the trust) can modify, revoke, or amend the trust at any time as long as they are alive and mentally competent. A trustee, often the grantor themselves initially, manages the trust, with a successor trustee taking over upon the grantor's incapacity or death. A trust allows assets to be managed and transferred efficiently without going through the costly and time-consuming probate process. Many people have a will but not a trust. If you don't have a trust, and do you own property, your will has to go to probate. A trust can also ensure that your wishes are honored, even if you become incapacitated.
2. Power of Attorney for Property: This document designates someone you trust to handle financial matters if you become unable to do so.
3. Healthcare Power of Attorney: This allows you to name a trusted individual to make medical decisions on your behalf should you be unable to do so yourself.
4. Advance Directive (Living Will): A legal document outlining your medical care preferences, including end-of-life decisions.

Why Estate Planning is Essential for LGBTQ Individuals

            For LGBTQ individuals, estate planning is even more critical due to potential legal and familial complications. Although marriage equality has granted many rights to LGBTQ couples, not all legal protections are automatic, particularly for unmarried partners or those estranged from biological family members. With pending legal and executive actions against members of the LGBTQ community, many of these protections are at risk of being removed. Therefore, it is extremely important for members of the LGBTQ community to ensure that their wishes and the interests of their loved ones are protected moving forward.

Unique Estate Planning Considerations for LGBTQ Individuals

• Ensuring Your Partner Has Decision-Making Authority: If you are unmarried and incapacitated, your partner may not have the legal right to make medical or financial decisions on your behalf. Properly executed powers of attorney ensure that your chosen person—not a distant relative or state-appointed guardian—can act in your best interests.
• Avoiding Family Disputes: Without an estate plan, biological family members may have priority over partners or chosen family when it comes to inheritance and decision-making. A trust ensures that your assets go to the people you want, rather than defaulting to state intestacy laws.
• Protecting Parental Rights: LGBTQ parents, particularly those in non-traditional family structures, should have legal documents that establish custody and guardianship in case of incapacity or death.
• Securing Privacy: Trusts allow for the distribution of assets without public probate proceedings, preserving privacy and minimizing legal complications. This can also help protect your wishes when it comes to being misgendered or dead named.

Don’t Wait to Plan

            Estate planning isn’t just for the elderly or the wealthy. Young adults—especially those in the LGBTQ community—need to take proactive steps to ensure that their wishes are honored and their loved ones are protected. Working with an experienced estate planning attorney can provide peace of mind and legal security for whatever the future may hold.

            If you haven’t started your estate planning, now is the time. Take control of your future and ensure that your choices, your loved ones, and your legacy are protected. Bruning and Associates, P.C. has many attorneys, including myself, who are uniquely skilled and have the expertise to help protect you and your loved ones, especially in unique situations. Please feel free to reach out to us at 815-455-3000 and schedule a FREE consultation with us. If you already have an estate plan, it is important to get your estate plan evaluated every 18 months to ensure that it is still suited to fit your individual situation. Our firm also can evaluate your present estate plan to ensure that this is the case.