As a single person with no children, the thought of estate planning may not be on the forefront of your mind. Not having any dependents left behind would seem to make the process of settling your estate much more straightforward.
However, having your estate planned out as a single person can be very beneficial to you. Your planned estate will ensure that all of your wishes are met. This includes before you pass away. The following is some information to consider when estate planning as a single person:
Important Documents in Estate Planning
Wills and trusts are one part of estate planning that can be a helpful tool in many circumstances. Either of these tools allow you to specify who will inherit your estate. If you have a wish to leave a certain amount of money or an asset to someone in particular, you can do so with either of these documents. If you have no dependents or people you wish to leave your estate to, you can use a will and trust to donate your assets to a charity or other organization.
A power of attorney is also part of estate planning. It is perhaps one of the most important parts of estate planning, as it can impact you while you are still alive. There are both healthcare and financial powers of attorney, and you can choose different people for both if you prefer. These people will be who will deal with your finances and make medical decisions for you should you become unable to do so yourself. This will allow you to have a say in how things are handled both before and after you pass away.
Consequences of Not Planning Your Estate
If you do not properly plan your estate, or if you fail to do so, the state will then determine what happens to your assets. In most cases, the state will portion out your assets to your closest blood relatives. For many people, this is not always the best option, particularly if they are estranged from family. You may have a close friend or charity that you would like to inherit your estate. If you do not specify your wishes in your estate plan, chances are that your assets can go to someone you would otherwise not have chosen.
Although estate planning seems like something that only those with dependents should be concerned with, it is equally as important for single people. Some simple planning on your part now will greatly benefit you in the future. Contact a law firm like Christena Silvey Coleman CSC Law, LLC to learn more.
Share20 September 2017
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