Protecting Your Partner’s Rights In Estate Planning With Life Insurance

In this article, you can discover…

• How to pick the best life insurance policies as a same-sex couple.
• The best ways to protect insurance benefits for your same-sex partner in Texas.
• How an attorney can help you through the emotional aspects of estate planning with care.

What Life Insurance Policies Are Best For Same-Sex Couples?

Life insurance is a non-probate asset, so it will pass based on who is listed as the beneficiary. The best move is to ensure that your spouse is listed by their name and contact your insurance company to confirm that your spouse will remain the beneficiary even if the marriage is involuntarily voided due to changes in Texas law.

How Do I Ensure That My Life Insurance Is Recognized Legally For My Partner’s Benefit In Texas?

The best way to ensure that your life insurance will benefit your partner is to specifically identify them as your beneficiary. It is important to use more identifying language than just ‘spouse’. By identifying your spouse by name, social security number, etc., you can ensure that they are covered in the event of a marriage repeal. If all else fails, you can select a backup who can gift the insurance policy to your spouse.

Attorney Farren Sheehan is a seasoned lawyer based in Pflugerville, TX, who has helped countless clients just like you navigate the intricacies of estate planning law. With over 20 years of legal experience, she is prepared to assist you in planning for your family’s future so that you can rest assured that your wishes will be honored when you pass.

Still have questions? Ready to get started? Contact Sheehan Law today to schedule an initial consultation.

Can Life Insurance Payouts Be Contested? How Can Same-Sex Couples Mitigate This Risk?

Typically, life insurance payouts cannot be contested. However, one of the few situations where payouts can be contested is when a marriage is voided after they are named as the beneficiary. The best line of defense in this circumstance would be to send a letter of intent to your insurance company renaming your spouse as the beneficiary after the marriage has been legally voided.

How Can Life Insurance Factor Into An Estate Strategy For Same-Sex Couples?

Primarily, a legally sound estate planning strategy could guarantee that your spouse receives something even in the event that your will is overridden. It is far more difficult to challenge specific pay-on-death beneficiaries, potentially making this a more secure way to ensure your spouse is taken care of.

Have Client’s Emotional Concerns About Life Insurance Influence How You Created Their Estate Plan?

Yes, and although it’s not same-sex marriage, I had worked with a man whose wife passed away in her early fifties. His wife was concerned that he might remarry and their kids would receive nothing, so we set up an irrevocable life insurance trust guaranteeing that his children would receive his life insurance payout. This allowed him the peace of mind that he could move forward without concerns about his children ever becoming disinherited.

Are You Ready To Get Started Preparing For Your Family’s Future?

Are you in need of an estate planning attorney in Texas who can help you Protect Your Partner’s Rights In Estate Planning With Life Insurance, an initial consultation with Sheehan Law could be your next best step. Get the information and legal answers you are seeking by calling (512) 355-0155 today.