Estate Planning Considerations for Single Individuals

Estate Planning Considerations for Single Individuals

Individuals who are single may erroneously think that they do not require an estate plan. It is essential that single people think about a number of essential consider order to develop an extensive estate plan.

Laws of Intestacy

If an individual dies without a will, the laws of intestacy apply. These laws dictate who will get the decedent’s property upon his or her death. Single individuals might not feel as concerned about designating a beneficiary as a person who is keeping an eye out for his/her spouse. However, without a will, there can be unintended consequences, such as a separated parent or other relative being entitled to part or all of a decedent’s estate. Instead of having these unintended repercussions, a single person might wish to designate a beneficiary in a will who she or he actually wishes to get the property, such as his or her child, a cherished family member, a pal or a charity.

Guardian

A bachelor with kids will wish to take steps to protect his/her children. His/her will might state who she or he wishes to function as a guardian over the children. Furthermore, a bachelor may wish to consider who he or she would want to act as a guardian over him or her in case of incapacitation. This role may be taken by default to a partner. For that reason, single individuals should put more thought into who might fulfill this function for them. In addition, they might want to consider who would be suitable to safeguard their properties.

Health Care Power of Attorney

Often, an individual’s spouse is offered the authority to make medical choices on his or her behalf. If a partner is not available, this power is often provided to an individual’s near relative. To avoid this default provision, an individual may wish to designate someone of his/her own picking. This might be a member of the family, a friend or another trusted individual who will make health care decisions that coordinate with the individual’s medical choices and values.

Advance Directive

An advance directive or living will is a document in which an individual pre-specifies what types of medical treatments she or he desires. These files often specify end-of-life treatment, such as whether the private wishes to receive CPR, treatment for new conditions, blood transfusions, breathing machines, tube feeding or IV fluids. This document develops what an individual wishes to have occur in dire medical circumstances on the occasion that he or she is unable to convey this information.

Long Lasting Power of Attorney

A long lasting power of attorney is a legal document in which the principal provides the called agent the legal authority to act upon his/her behalf. Depending on the language in the power of attorney, the agent may can purchase or offer property, invest the principal’s earnings, purchase other property, pay bills, deal with insurance plan and manage earnings for the principal. The resilient aspect of this type keeps the power of attorney legitimate if the principal loses capacity.

Recipient Designations

A bachelor might have acquired an asset in which he or she named a recipient. He or she might have noted a beneficiary on a retirement account. She or he may have named an ex-spouse. If a person does not change the beneficiary classification, his or her wishes might not be carried out. It is important for single people to review any beneficiary classifications that they have established and upgrade them as needed.

Living Trust

Single people may have extremely concrete viewpoints about how they want their property dealt with after their death. They may wish to connect conditions to supplying particular property to the named recipient, such as wishing to funnel cash to the named beneficiary throughout his/her life, such as by providing cash to spend for his/her education, health and welfare. Additionally, a trust can provide funds to a charity. It can also attend to distributions at particular periods, such as when the beneficiary reaches a particular age or after he or she graduates.

Legal Support

Single people who would like more information about steps they need to take to secure themselves and their interests might decide to contact an estate planning lawyer. She or he can describe different estate planning tools and how they may benefit their particular situation. He or she can deal with a plan that offers customized services based upon the individual’s requirements.