4 Times Singles Need Estate Plans
By: Solid Serenity Legal Solutions
There are a lot of misconceptions about estate planning. People often believe they need to be rich, married, old, or have children before they need to plan. That’s simply not true.
If you’re single, here are 4 times singles need estate plans. Yes, singles like you!
(1) When You Own Assets
If you own property and don’t have a plan in place, the Courts in your State will decide who gets what. Your loved ones will have to take your property through a court process known as probate. The process is costly and time-consuming.
Depending on what relatives you left behind, and the laws of your State, the people you care most about may or may not inherit from you.
If you want to be in control of who gets what when you’re gone, you need to have a Will or Trust in place for your loved ones. This is especially true if you have any closely related, but not-so-close-to-you family members you want to disinherit.
Book an appointment online with us to get your plan started today.
(2) When You Have Family (or You Don’t)
Most State’s probate laws default to family members when there is no set plan in place. Usually, the person who inherits is the closest living relative as defined by the state’s lawmakers.
If you have family, but you do not want that family to inherit your assets, you have to have a plan in place. If you do not have any close family members remaining, it’s especially important to have a plan in place to ensure your assets go to the people who matter most to you when you’re gone.
(3) When You Support Charity
If you want to support a charitable cause with your legacy, you have to have a Will or Trust in place. Charities do not inherit assets from anyone, legally, without a plan in place.
When leaving assets to charities, be sure to reach out to your intended charity first. Some charities prefer cash gifts over real estate. Others have policies against accepting certain types of gifts. A quick call can help you make sure you’re helping your favorite charity in the best way you can with your legacy.
(4) When You’re Over the Age of 18
Estate planning isn’t only about death. Estate planning also helps people protect themselves and their assets when they are unable to act for themselves.
If you were in an accident tomorrow and had to go into the hospital, would you have someone who could step in on your behalf to take care of your bills and day-to-day needs? In order for someone to legally have the authority to help you in that situation, you need a Durable Power of Attorney in place with a named agent you can trust.
You also need an Advance Directive for Healthcare to allow someone to make life-sustaining treatment decisions on your behalf. Without a Durable Power of Attorney and Advance Directive, your loved ones will have to go through a Court process called Guardianship to have someone appointed to handle your affairs.
Guardianship is costly and time-consuming. And, in a lot of cases, may only be necessary for a short time. It’s much easier on your loved ones if you name someone to handle your affairs for you before you reach that point.
For more information on the right estate planning tools for your situation, contact us.