Estate planning is an essential step for all couples. It ensures that personal, financial, and medical decisions are honored according to your wishes, providing stability in times of uncertainty. For same-sex couples, these protections are especially valuable, helping ensure that partners have clear authority, access, and security, regardless of how the legal landscape may change over time.
Here are several planning strategies that can strengthen protections and provide peace of mind.
Create Wills and Trusts to Direct Your Assets
Without a last will & testament (a “Will”), intestacy laws, which are the state’s default rules for distributing property when someone dies without a will, determine who inherits your assets. These rules do not automatically prioritize an unmarried partner. However, a Will allows you to name your partner directly, as a beneficiary, an executor, or both. For added flexibility, a revocable living trust can manage how and when assets are distributed, help avoid probate costs and delays, and provide privacy.
Establish Healthcare Directives
Medical emergencies can create uncertainty about who is legally authorized to act on behalf of the patient. A living will outlines your preferences for end-of-life care. At the same time, a healthcare power of attorney designates your partner (or another trusted person) to make medical decisions on your behalf if you are unable. Together, these documents provide clarity in critical moments.
Grant Financial Authority with a Durable Power of Attorney
If one partner becomes incapacitated, bills, bank accounts, and business decisions do not pause. A durable power of attorney gives your partner (or another trusted person) the authority to handle financial matters, from paying the mortgage to managing investments, without having to petition a court for guardianship. This may or may not be the same person you entrust to make healthcare decisions.
Provide Medical Access with HIPAA Authorization
The federal Health Insurance Portability and Accountability Act (HIPAA) protects patient privacy but can also prevent medical providers from sharing health information with others. A signed HIPAA authorization ensures your partner can access records, communicate with doctors, and remain fully informed about your care. Many states, including Ohio, allow you to incorporate these into your healthcare directives.
Structure Property Ownership for Smooth Transfers
How you title assets matters. Holding property, such as a home or vehicle, as joint tenants with rights of survivorship ensures it automatically passes to the surviving owner/partner. For couples who prefer different arrangements, other titling options or trusts may be more appropriate.
Clarify Expectations with Prenuptial or Postnuptial Agreements
These agreements enable couples to determine in advance how property, debt, and spousal support will be handled in the event of divorce or separation. They provide predictability and can reduce conflict, especially when family-owned businesses or inherited assets are involved.
Simplify Everyday Finances with Joint Bank Accounts
Shared accounts provide both partners with access to funds for day-to-day expenses. While practical, they also need to be balanced with estate planning tools to ensure larger assets are distributed according to your overall plan.
Why This Matters Now
Estate planning is about taking control of your family’s future. For same-sex couples, these tools create a comprehensive legal framework that ensures your partner has the authority, access, and protection they deserve in any circumstance. By combining Wills, trusts, powers of attorney, and strategic ownership structures, couples can enhance their financial security and safeguard their relationships with confidence. The Family Wealth and Estate Planning team at CPM works closely with individuals and couples to design plans that reflect their values, goals, and families. Contact us today to learn how estate planning can safeguard your future.
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