Financial Planning for LGBTQ+ Couples

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Financial Planning for LGBTQ+ Couples

9/13/2021

Financial planning can be complicated for anyone, but it can be especially difficult for LGBTQ+ couples. It has only been six years since the Supreme Court granted equal protections to the LGBTQ+ community. That freedom, however, has not gotten rid of all the financial planning complications. Below are some tips to safeguard your finances.

  • Medical Directive. If you are not legally married, you will not be given "next-of-kin" status for each other. You may even classify as a legal stranger in a medical emergency. In that case, they skip your significant other and call a relative instead.
    • TIP: Possessing medical directives is important—even for couples who are legally married—to protect their rights and ensure that their medical wishes are followed.
  • Will. A will is essential in laying out exactly how you want your leftover funds allocated. Without one, the state's default distribution will activate, usually blood heirs without a legal spouse. This rule varies by state.
    • TIP: Getting a will is especially important if you're unmarried and have a personal residence that you wish for your partner to continue living in after your death, or if you have assets with no assignable beneficiary that you want to leave to a partner.
  • Power of Attorney. Your spouse or next of kin will not be able to immediately handle your money without a court order if you don't have a properly executed power of attorney.
    • TIP: Obtain a power of attorney to protect your assets.

For even more tips on financial planning for LGBTQ+ couples, check out this Fidelity article here.



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