Estate Planning for Non-Traditional Families

Last month, Attorney Jane Dearwester from McIntyre Elder Law presented a seminar for Non-Traditional families at Hi-Wire Big Top in Asheville, NC. Attorney Dearwester discussed how estate planning can cater to everyone, especially those with diverse family structures. More seminars like these can be found on our website at mcelderlaw.com/events.

Non-Traditional Families in Estate Planning

The traditional, nuclear family model – mom, dad, two kids, and a family dog – is no longer the norm, and has not been for some time. With the legalization of same-sex marriage, increasing numbers of blended families, and high rates of divorce, estate planning has evolved to address these changes. Regardless of whether your family is traditional or non-traditional, the essential elements of estate planning remain the same; powers of attorney, wills, and trusts.

Jane’s Background

Jane grew up in a traditional family in central Ohio, but now, as a single parent in Asheville, she has come to appreciate the inclusive and diverse community in and around the city. At McIntyre Elder Law, we recognize that estate planning must reflect and respect this diversity.

Why Estate Planning is Crucial

Everyone will eventually face the end of life. It is crucial to have a plan in place to ensure your wishes are honored and to prevent your loved ones from facing difficult decisions without guidance. You have two choices: plan ahead or leave it to others to navigate through potentially complex legal situations.

Foundational Documents

General Durable (Financial) Power of Attorney:

This document allows you to appoint an agent to manage your financial affairs if you become incapacitated. It can be effective immediately or upon a specific event, such as loss of capacity.
Choose your agent wisely, as they will have significant authority over your financial matters.
Without this, your loved ones might have to go through a lengthy and costly guardianship process.

Healthcare Power of Attorney

Designates someone to make medical decisions on your behalf if you’re unable to do so. This document includes HIPAA authorizations, enabling your agent to access your medical records.
Without this, your loved ones might have to go through a lengthy and costly guardianship process.

Living Will (Advanced Directive)

Specifies your wishes regarding life-sustaining treatments if you are in a terminal condition or permanently unconscious. This helps prevent your family from having to make tough decisions during emotional times.
Also known as: Declaration for the Desire to Die a Natural Death

Last Will & Testament

Outlines how you want your assets distributed after your death. A will guides the probate process, ensuring your assets are distributed according to your wishes.
Without a will, state laws will determine the distribution of your assets, which may not align with your preferences.

Avoiding Probate

To avoid probate, consider setting up a trust. A trust allows you to manage your assets during your lifetime and specify how they should be distributed after your death, all while keeping the details private. Trusts are particularly useful for blended families, allowing for more detailed and specific instructions on asset distribution.

Real Estate

Real estate is often a significant asset in estate planning. Protecting your property from creditors and ensuring it stays within the family can be achieved through careful planning and the use of trusts.

The Lady Bird Deed is a useful tool to transfer a property upon your death. The Lady Bird Deed bypasses the probate process without the need for a trust.

Conclusion

Estate planning is essential for everyone, regardless of family structure. By planning ahead, you can ensure that your wishes are honored and your loved ones are spared from making difficult decisions. If you have any questions or need assistance with your estate planning, please feel free to contact us at McIntyre Elder Law. Thank you for being here tonight, and I look forward to helping you secure your future.

For personalized assistance and a free consultation, call 1-888-999-6600 or visit mcelderlaw.com/scheduling.

Looking for more information regarding estate planning for non-traditional families? Check out Jane Dearwester’s comprehensive guide, which can be downloaded for FREE at mcelderlaw.com/non-traditional