CNBC Article: Estate planning for LGBTQ+ families is crucial. Here’s what you need to do

By Michelle Fox

Everyone should have an estate plan. For LGBTQ+ families, it may be even more critical.

Members of the LGBTQ+ community are less likely to be married or they may have children where only one partner is the biological parent, said Gina Nelson, head of fiduciary services at Chilton Trust Company in Palm Beach, Florida.

That means they need to ensure that the proper documents, such as powers of attorney and a will, are in place in the event of an illness or death.

“For non-married partners, those things are extremely important because under the law their partner is not going to have the standard rights to information and the ability to make health-care decisions on behalf of their partner if something happens.” Nelson said.

“They will not be able to access bank accounts if they are not in joint names.”

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