Estate planning is especially important for those who put a large amount of time and energy into cultivating their wealth. Additionally, investors within the Lesbian, Gay, Bisexual and Transgender community have unique estate planning needs that should be addressed by an estate planning professional. According to a recent Spectrem Millionaire Corner Study, fewer LGBT investors have estate plans in place than their non-LGBT counterparts.
The study revealed that only sixty-three percent of LGBT investors have executed a last will and testament, and only fifty-four percent of LGBT investors have executed a living will. Both of these documents are vital pieces of an estate plan, as a last will and testament allows a person to control the disposition of his or her assets, while a living will allows a person to control the end-of-life medical care he or she receives.
Although the percentages of LGBT investors with various estate planning documents rise with the wealth of the investor, they never reach the percentages of their non-LGBT counterparts. This is not only true for the execution of a last will and testament and living will, but for the creation of trusts as well. At the time the study was conducted, only eight percent of LGBT investors had an irrevocable trust in place.
Estate planning is particularly important for LGBT investors if they wish to have a comparable level of control over the disposition of their assets at death as their non-LGBT counterparts. Accordingly, LGBT investors are encouraged to seek able counsel to formulate an appropriate estate plan for their needs.