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One of the largest risks of failing to create an estate plan is losing the rights associated with your spousal relationship. In other words, your spouse is entitled to certain inheritance rights as long as your marriage is recognized. However, these rights would be wiped out if the marriage were legally voided.
Just as important as having an estate plan is setting up specific disability documents that can allow a spouse to transact business or make decisions with your doctors and banks. If the marriage is voided, your spouse’s ability to make decisions on your behalf may be limited. Therefore, disability documents specifically designating an individual will be helpful for protecting your interests.
If you are looking to protect your spouse’s ability to make decisions on your behalf, using clear wording that establishes them legally by name as your power of attorney can go a long way. Before same-sex marriage was recognized, there was a history of partners who were unable to make medical decisions on behalf of one another because they were not permitted hospital visits.
Executing documents such as a healthcare power of attorney and HIPAA release can ensure that your spouse is able to maintain their ability to make decisions for you.
In this circumstance, I would opt for a revocable living trust in lieu of a will. A trust is more difficult to challenge and remains private, meaning that it is harder for family members or potential heirs to claim your marriage is void in an attempt to gain assets or control. Setting up a revocable living trust and including language for how to handle the event that your marriage is involuntarily voided is the number one recommendation I would make.
One of the most prominent concerns is that none of us are entirely sure how legal matters will play out. This is why I heavily encourage providing additional language that covers you in the case of any eventuality. Planning ahead is the best way to control the outcome, but we can always revise your estate plans.
It is best to not overreact at this point since no changes are currently pending, though concerns are understandable. The best way to ward off any worries is to be sure that you are prepared, work with your attorney to make a legally sound contingency plan, and prepare your estate plans appropriately.
If you need more support with Securing Your Future Post-Election, an initial consultation with Sheehan Law could be the next best step for you. Get the information and legal answers you are seeking by calling (512) 355-0155 today.