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Colorado estate planning services for the GLBT community include:
- Wills
- Trusts
- Medical Power of Attorney
- Financial or Property Power of Attorney
- Living Wills or Medical Directives (for end of life and life-support decisions)
- Last Remains Declarations
- Nomination of Guardian
- Colorado Designated Beneficiary Agreements
- Domestic Partnership Agreements
Gay men and lesbians can now marry in any state in the country. This is wonderful! However, many GLBT couples may choose not to marry. If you are not married, consider the following:
- Hospital Visitation: It is possible that you will not be allowed to visit your partner when he or she most needs you.
- Financial Decision-Making: Domestic partners do not have the authority to handle their partner’s financial and property affairs should the partner become incapacitated.
- Medical Decision-Making: Partners do not have the authority to make medical decisions for each other should one not be able to make those decisions for himself or herself.
- Inheritance: Your partner will not inherit unless you implement an estate plan outlining your wishes.
- Guardianship for Minors: Through estate planning you can designate who you want to take care of your minor children should something happen to you.
- Funeral or Memorial Service: Estate planning offers a mechanism through which you can designate who you want to make your funeral or memorial arrangements.
- Domestic Partnerships: Registering as domestic partners does not protect you or your partner when it comes to any of the items above.
Effective estate planning can address all of these concerns, and more. Without estate planning, your legal family is given the authority to handle your affairs and make medical decisions for you. They will decide how to handle your remains. They will decide where you receive long-term care. They will inherit your estate. They will have priority for appointment as guardian for your minor children. And, they can do it all without consulting with your partner if they so desire.
Call today to learn how estate planning can help you protect your family and implement YOUR wishes.
Even if you are married, there are still many reasons to complete your estate planning, including, for instance – nominating a guardian and trustee for your children, nominating a secondary fiduciary or agent to act on your behalf in case your spouse is also incapacitated or unable to serve, declaring your wishes as to life support measures and the disposition of your last remains, planned giving to charities, and tax planning
Same-sex couples may also want to consider a Domestic Partnership Agreement.
Colorado Designated Beneficiary Agreements
Colorado's Designated Beneficiaries Act allows any two competent unmarried unrelated adults to designate each other as their beneficiary and decision-maker in case of incapacity. This law benefits many Colorado residents — elderly couples who do not wish to re-marry due to financial disincentives of re-marriage, unmarried couples (heterosexual or LGBT/gay and lesbian couples), couples who cannot afford traditional estate planning legal services, and any two unmarried unrelated adults who want to designate each other as their beneficiary. This contract covers areas such as inheritance, life insurance benefits, health insurance benefits, hospital and nursing home visitation, wrongful death claims, worker's compensation, medical decision-making, and retirement benefits. For more information on Colorado Designated Beneficiaries and to obtain the necessary form go to www.designatedbeneficiaries.org. BE AWARE: A Designated Beneficiary Agreement is not nearly as comprehensive as a complete estate planning package and may have unintended consequences. You should consult with an attorney before entering into the Agreement.
More GLBT Resources, click here.
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