The aging LGBTQ+ population was the first to experience the HIV and AIDS crisis of the 1980s. They came out at a time when the community, and often their families, didn’t support them. Because of this, the older LGBTQ+ population now may have a smaller social circle and are more likely to be single and without children. This can make anyone more vulnerable to social isolation. LGBTQ+ seniors and estate planning have some unique situations.
When you hear of an estate plan, you may first think of a will or trust you need to write. But it’s much more. At a minimum, you also want to have a Power of Attorney (POA) and a health care directive. But your estate plan may also include your retirement, life insurance and any investments.
Having a will or trust will ensure that everything you have worked for all your life will go to someone who appreciates it. If you pass away without a will or trust, the courts will give your assets to your closest legal relatives. But what if you aren’t close to them and would rather your possessions go to someone else?
But before it comes to the reading of your will, you need to have some documents in place for people to help as your mental and physical health declines.
All of these situations require you to have someone you trust completely to follow through with your wishes. If there isn’t someone you feel comfortable enough to do this, you can hire a professional fiduciary to fulfill these roles. Working with an experienced estate planning attorney will help you protect yourself as you age.
At the Estate and Probate Legal Group, we understand your unique situation. We can help LGTBQ+ seniors and estate planning with all the necessary arrangements. Contact Us today to talk about setting up or reviewing your estate plan. Call us at 630-864-5835.
AREAS WE SERVE: Cook, DuPage, Kane, Lake and Will counties