These days people are living single more than ever before. Whether you
never married, divorced, or are widowed, singles still need to plan their
estate for after they pass. If anything, it is more important for them
since they don't have any immediate heirs in the picture. When
creating an estate plan when single, there are three important factors to pay attention to.
Heirs: Without a spouse or any children, when you die assets are usually distributed
by blood lines. This can mean parents, siblings, or nieces and nephews.
However, if you have no living heirs, those assets could go to the state,
and no one wants that. This is why if you have friends, other relatives,
or charities you want as inheritors, you need to identify them in an estate plan.
Decision makers: You think it won't happen, but it usually does. If you are incapacitated
by any health events, you want someone you can trust as your decision
maker. Without the proper attribution in your estate plan, the decisions
could fall to some distant relative or even a
state-appointed representative that you don't even know.
Beneficiaries: These can be the same as your heirs, but if you have retirement plans
or life insurance, they will need a set beneficiary. If you want these
divided throughout your heirs, then you definitely want to make the beneficiary
someone that you trust to do so.
Are your single and wondering if you need an estate plan?
today. The Law Offices of James C. Shields know how much more important
estate plans are if you don't have a spouse and how messy your passing
can be without one