Nearly 60% of Americans do not have a will, according to legal expert Barbranda Lumpkins Walls. Within younger demographics, that percentage is even higher. Everyone, especially LGBTQIA people, can benefit from having a solid estate plan. But what is your estate, and what exactly does it include? This brief guide can help you better understand what you’ll leave behind for your loved ones.

Your Estate and Its Assets

Your estate is everything you own: property, cash, investments, and personal possessions. Some assets may be jointly owned – for instance, a couple’s house, vehicles, or bank accounts in both their names. Investments also include retirement accounts such as 401(k), 403(b), and 457(b) plans plus IRAs. The Balance gives a quick overview and explains the basic features of each one. Personal possessions also include digital items: photographs, files, and social media accounts.

People tend to think of an estate’s physical property or financial accounts. But what about intangible assets? The World Intellectual Property Organization defines intellectual property as “creations of the mind.” IP includes patents and trademarks plus books, music, visual art, computer software, video games, and films. If you’ve recorded music, for instance, those works are part of your estate and should be in your will.

How Liabilities Affect Your Estate

An estate is part of a person’s net worth: assets minus liabilities. When that person dies, the estate must go through a court-supervised probate process. Nolo explains that probate verifies whether a will is valid. Probate must also identify, appraise, and distribute property among the deceased’s heirs.

During the probate process, the estate settles any remaining debts or taxes. Executors must pay those liabilities before distributing property. That includes both secured debt such as mortgages along with unsecured debt like credit cards and personal loans.

Special Considerations for LGBTQIA Couples

Financial planner Kate Maier points out that LGBTQIA couples face a few unique issues in estate planning. Unsupportive family members may contest their wills even if they’re legally married. Non-custodial biological parents may fight for custody if one partner dies and the other partner isn’t a biological parent. Family members could try to sabotage medical and financial decisions made by a deceased partner’s spouse.

Making a will is a critical first step for anyone, especially LGBTQIA individuals. Queer and transgender people are statistically less likely to have a will than their cishet counterparts. And if you and your partner aren’t married, your will becomes even more important. If either one of you dies without a will, your state’s intestacy laws determine how to distribute the property you leave behind. Most of these laws don’t account for unmarried partners. Unsupportive family members could receive inheritances, while your lifelong partner gets nothing.

Having a will is wise, but it’s also important to keep it updated. You and your partner should also review insurance and investment accounts’ beneficiary designations. If you suspect your family may contest your will anyway, Maier offers a couple of suggestions:

• Create a living trust. You can place assets in it at any time and name a trustee to ensure that distribution occurs according to your wishes.
• Add a “no contest” clause to your will. This language should explain why you’ve chosen to leave your estate to your partner.
• Keep complete records of estate planning documents. These can prove your intent and help your will stand up to legal challenges.

Protecting Your Future

Many post-Obergefell LGBTQIA couples face both new possibilities and challenges. But like anyone else, they want to take care of their families after they’re gone. Wills, trusts, and other tools let you decide how assets should be transferred upon your death. Whether you’re legally married or not, both you and your partner can benefit from planning what you’ll leave behind.