Although same-sex marriage has been legal in Minnesota, banks that serve more than just Minnesota are praising the SCOTUS ruling that banning same-sex marriage was unconstitutional.
Previously, it would be difficult for same-sex couples to deal with estate planning matters and that made it difficult on banks and other financial institutions when it came to estate planning matters.
Some banks said that the ruling signified that public policy was catching up to some of the attitudes in the private sector. It is being touted as good for their companies and for their clients, as some restrictions will be lifted.
The CEO of Morgan Stanley said that the company supported the decision in favor of marriage equality because it was consistent with a corporate culture that they already implemented. They have focused on inclusiveness and diversity for quite some time and now public policy will match what they have done.
In addition to support for the ruling, other banks touted their employment policies when it comes to their gay and lesbian employees.
Other prominent banks have joined in, but some did decline to comment on the actual ruling. What they did do was emphasize their support for diversity in the workplace.
What does this mean for estate planning?
In the past, same-sex couples living in the home where only one name was on the deed would face having to move out of a home they lived in for years if the owner passed away. Now these rights will be recognized just as they have been for heterosexual couples. The way estate planning has been carried out with heterosexual couples, it will be for same-sex couples.
In a 5-4 decision, the Supreme Court of the United States ruled that the constitution guarantees all individuals the right to marry who they want to marry. Thirty-seven states had already legalized gay marriage before the ruling, but now all 50 states recognize it. This means estate planning procedures will be carried out for all married couples in the same way.
This is also good news for the workplace in that benefits had been a major issue among same-sex couples. With access to benefits comes the opportunity for businesses to land top talent.