Even if you do not follow current events, you likely know that same-sex marriage is now legal in numerous states. Since same-sex marriage was previously banned, some laws have changed in order to be inclusive. This is especially important when it comes to estate planning.
If you are a spouse in a same-sex marriage, it is good to recognize what legal rights you have previously been denied and how the law reads now. There are many rights that are currently available to same-sex marriages that can be greatly beneficial.
Many examples of legal rights have to do with taxes and forms of property. For example, same-sex spouses are eligible for marital deductions in states that enforce an estate tax. Also, joint income tax returns can now be filed by same-sex couples. In terms of life insurance, retirement plans, and other fiscal accounts, survivorship rights will be given by the state to same-sex spouses.
One significant right that same-sex couples lacked in the past was the ability to have a say in medical issues when a same-sex partner was receiving medical attention. If one partner became disabled, the other could not make any medical decisions on the partner’s behalf. Now, however, a same-sex spouse can become the disabled spouse’s voice when it comes to making medical choices.
In relation to medical attention, if one spouse should die, the other is now a rightful successor according to the default laws that decide how the loved one’s estate should be distributed. Although this is an important change for same-sex couples, it does not guarantee that the deceased’s estate is distributed in the way that they would have wanted. The estate could likely go to a probate court where the estate can be argued over by un-supporting families. This is why it is best to have a succession plan in place.
It is always better to be proactive instead of reactive so planning how you want your estate handled is a good option. To learn more about your rights, prospective challenges, and to get started on an estate plan, contact a trusted lawyer.
