For LGBTQ+ couples, estate planning plays a key role in making sure a partner's rights and access to assets are protected. EP Wealth walks through what to know and where to start. 

LGBTQ+ Considerations for Asset Ownership and Estate Planning

More than a decade has passed since the Supreme Court's 2015 decision in Obergefell v. Hodges made marriage equality the law of the land. The Respect for Marriage Act, signed in December 2022, reinforced those protections by requiring all states to recognize legal marriages performed in other states and codifying federal recognition. LGBTQ+ couples who choose to marry now receive the same treatment as other married couples under federally backed programs and rules, including Social Security, income tax filing, the unlimited marital deduction, and portability of a deceased spouse's unused federal estate and gift tax exemption. That exemption is larger than ever: beginning in 2026, it stands at $15 million per person ($30 million for a married couple), indexed for inflation, with no scheduled sunset.

Unmarried couples—whether LGBTQ+ or heterosexual—are not extended those same rights and protections. And the numbers matter here: of the roughly 1.4 million same-sex couple households counted in the Census Bureau's 2024 American Community Survey, about four in ten are unmarried, more than three times the rate of opposite-sex couples. That's why it's especially important for LGBTQ+ couples to take steps to title their assets appropriately, name beneficiaries, and put legal documents in place so their wishes are honored in the event of incapacity or death.

A financial advisor who understands the nuances of LGBTQ+ financial planning can help couples work through each of these steps and coordinate across the legal, tax, and estate planning considerations involved.

Key Estate Planning Considerations for LGBTQ+ Couples

Strategic estate planning is important for all committed couples, regardless of gender or marital status. But the stakes are often higher for LGBTQ+ couples, because many of the default rules weren't written with every family in mind. Titling assets thoughtfully isn't paperwork for its own sake. It's how you make sure the life you've built together is recognized on paper the way it is in practice.

Consider Charlie and Austin. They've been together for years, they're happy and settled, and they've decided marriage simply isn't for them, a choice many couples make. Charlie is the primary earner and holds sole ownership of most assets the couple shares in practice.

If Charlie passes away or becomes incapacitated without giving Austin legal ownership or access to these assets, Austin may have no legal claim to them. It doesn’t matter how long they’ve been together or if they’ve discussed their wishes in the past. If it's not documented in legally recognized form, Austin could receive nothing.

The good news is that there are several well-established tools that LGBTQ+ couples can use to protect shared property and provide for each other. The sections below walk through some of the most relevant options.

Wills

A will is a legal document that describes how assets will be distributed after the owner's passing. It typically names an executor or personal representative responsible for carrying out its terms. It also lists beneficiaries who will inherit the assets along with the terms for distributing those assets.

For unmarried LGBTQ+ couples, a will's ability to name specific beneficiaries is especially important. Without one, state intestacy laws generally direct assets to the next of kin—which, for an unmarried individual, may mean a parent, sibling, or other relative rather than a long-term partner.

In the example above, Charlie may not be ready to retitle assets during his lifetime, but a will could help direct those assets to Austin at Charlie's death.

Revocable Living Trusts

A revocable living trust can complement a will in ways that may be especially relevant for LGBTQ+ individuals and couples. Potential advantages may include:

• Probate avoidance and privacy. Assets held in a trust generally do not go through probate, which can be a lengthy and public process. For individuals who prefer to keep the details of their estate private, this is a meaningful benefit.
• Control over distribution. A trust allows the grantor to specify how and when assets are distributed, including provisions for a surviving partner, children, or other beneficiaries. This flexibility can be useful for couples with complex family structures or blended households.
• Protection during incapacity. A trust can include provisions for a successor trustee to manage assets if the grantor becomes incapacitated, keeping financial decisions in the hands of someone the grantor has specifically chosen.

For high-net-worth individuals and couples, trusts are often a central element of a comprehensive estate plan. An advisor and estate planning attorney can help evaluate whether a trust structure fits your situation.

Power of Attorney and Healthcare Directives

A will and a trust address what happens to assets, but they do not cover decision-making during a person's lifetime. That's where power of attorney documents and healthcare directives come in.

Financial power of attorney

A financial POA gives a designated person the authority to manage financial matters—paying bills, accessing accounts, handling investments—on someone else's behalf. For unmarried LGBTQ+ couples, this designation is especially critical. Without it, a partner may have no legal authority to access shared resources if the account holder becomes incapacitated.

Healthcare directives

A healthcare directive (sometimes called an advance directive or living will) allows an individual to document their wishes regarding medical care and designate someone to make healthcare decisions on their behalf. A related document, the healthcare proxy or medical power of attorney, names a specific person to serve as the decision-maker.

For LGBTQ+ individuals, these documents are particularly important. In the absence of clear legal documentation, hospitals and medical facilities may default to biological family members when making care decisions—even if a long-term partner would be the individual's preferred advocate.

There are several types of POA and healthcare directive documents, each serving different purposes. An advisor and estate planning attorney can help identify which ones are appropriate for a given situation.

Beneficiary Designations

Beneficiary designations on retirement accounts, life insurance policies, and pay-on-death accounts override whatever is written in a will or trust. For unmarried LGBTQ+ couples, this makes them especially important to get right. There is no automatic spousal claim to these assets, so if a partner is not specifically named, the account may pass to a parent, sibling, or other default recipient. Designations can also become outdated after a relationship ends, since the end of an unmarried partnership doesn't come with the same built-in prompt to update accounts that a formal divorce does.

Married LGBTQ+ couples should also review designations, particularly on accounts that were opened before the marriage.  

Estate Planning Steps for LGBTQ+ Couples

1. Draft or Update a Will 
2. Consider a Revocable Living Trust 
3. Establish Powers of Attorney and Healthcare Directives
4. Review Beneficiary Designations 
5. Title Assets Appropriately 
6. Schedule Regular Reviews

Asset Titling Options

How an asset is titled determines who has legal ownership, and who inherits it. For LGBTQ+ couples, choosing the right form of ownership is an important part of planning.

Joint tenancy with rights of survivorship

Joint tenancy gives both partners full control over an account during their lifetimes. If one joint tenant passes away, the other automatically gains full ownership without the need for probate. This can be a useful option for shared accounts and property.

Community property

Community property is generally available only to married couples, though some states offer limited exceptions. For example, certain jurisdictions allow unmarried couples to use community property titling "by analogy" if specific legal requirements are met, including a written agreement demonstrating each partner's consent to hold property together as if they were married.

A financial advisor and estate planning attorney familiar with the relevant state laws can help evaluate whether this option may be available.

Tenancy by the entirety

In states that recognize it, tenancy by the entirety is a form of joint ownership available to married couples that includes a right of survivorship and may offer additional asset protection. Since Obergefell in 2015, this option has been available to same-sex married couples as well.

Planning for an Evolving Legal Landscape

The legal framework for LGBTQ+ rights has strengthened considerably over the past decade. Marriage equality marked its tenth anniversary in June 2025, and in November 2025 the Supreme Court declined, without comment or noted dissent, to hear the first petition expressly asking it to overturn Obergefell v. Hodges. The Respect for Marriage Act adds a federal backstop, requiring the federal government and every state to recognize valid marriages performed in any state.

At the same time, it would be a mistake to treat the landscape as fully settled. Several state legislatures have introduced resolutions urging the Court to revisit marriage equality, and the Respect for Marriage Act, while significant, addresses recognition of existing marriages rather than requiring every state to continue issuing licenses. No one can predict how these questions will ultimately resolve.

This is one reason why comprehensive documentation—wills, trusts, powers of attorney, healthcare directives, and properly titled assets—is so valuable. Well-drafted legal documents can serve as a layer of protection regardless of how laws may change, helping to preserve an individual's or couple's stated intentions. Put simply, a well-built plan is designed to hold up no matter which direction the law moves.

When to Review Your Estate Plan

Life changes can affect how your estate plan functions. Revisiting your documents after these events can help keep your plan current.

Parental Rights

For LGBTQ+ couples with children—including stepchildren, adopted children, or children conceived through surrogacy or assisted reproduction—legal parentage may not be automatically established for both partners. In some states, the non-biological or non-gestational parent may need to pursue a second-parent adoption or court-ordered parentage judgment to formalize their legal relationship with the child.

Estate planning documents such as guardianship designations and trusts can complement these legal steps and help provide continuity for children in the event of a parent's incapacity or death.

Importance of Working with a Financial Advisor

Every couple's situation is different, and LGBTQ+ financial planning involves considerations that can vary significantly depending on marital status, state of residence, and family structure. An advisor who understands LGBTQ+ financial needs can help you put the right pieces in place and keep them current as laws and life circumstances change. Just as importantly, the right advisor gives you a place where you never have to explain or justify your family, only plan for its future.

EP Wealth advisors welcome the opportunity to help LGBTQ+ individuals and couples protect what they've built and the people they've built it with.

Contact an advisor to start the conversation.

Disclosures:

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