Estate planning for the LGBTQ+ community
Full disclosure: I do not have any financial ties with Chase Manhattan or J.P. Morgan Wealth Management.
Invest in yourself
Estate planning for the LGBTQ+ community
Alex Bova
Content and Communications, J.P. Morgan Wealth Management
Jun 27, 2022 | 4 min read
Key Takeaways:
To ensure you have a good estate plan that will, amongst other things, distribute your assets the way you want them to be distributed, make funeral arrangements and plan for estate taxes.
Naming an executor of the estate, establishing a guardian for minor living dependents, updating beneficiaries on plans such as life insurance, IRAs, and 401(k)s and setting up powers of attorney (POAs) are a few key essentials of estate planning.
Members of the LGBTQ+ community have to navigate the complications of domestic partnership and adopted children when it comes to estate planning.
When you hear the phrase estate planning, you may think it only pertains to the wealthy, but in truth, everyone should have an estate plan.
Estate planning is understanding your goals and objectives and having a plan in place for what will happen to your assets in the event of your death or incapacitation. Estate planning is more than having a simple will. A proper estate plan helps ensure that all your assets, such as your retirement accounts, home, and even funeral arrangements are handled in exactly the way you want. Estate planning can be tricky so you will want to work with an experienced estate planning attorney to ensure your plan is complete and accurate.
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