Every adult will benefit from an estate plan, regardless of whether they’re currently widowed, divorced, or never married. Single people have different estate planning needs than married couples. And just as not all married couples have the same estate planning needs, not all singles have the same estate planning needs. If you are single there are four things you should include in your estate plan, whether you have ever been married or not.
1. Health Care Proxy
If you become incapacitated, who do you trust to make your health care decisions? If you don’t have a spouse or children, who do you want to make medical decisions on your behalf? If you don’t appoint a health care proxy, the courts will assign someone to make your medical decisions – and it may not be a person your trust. A Healthcare Power of Attorney is a durable power of attorney, a legal device that allows one person to indefinitely make decisions on behalf of another.
2. Financial POA
Are you single, but with a life partner? Are you estranged from family members? Who do you trust to take care of your finances if you become incapacitated? A durable power of attorney is used to allow the designated person to handle affairs in a certain area of the principal’s life, such as in financial matters.
3. Asset Protection
Whether you own a business, property, money or other valuable assets, you want to be sure your assets are protected for your heirs. A will and trusts attorney can advise you on the best way to protect your assets and avoid unnecessary taxes that will limit your beneficiaries’ inheritance.
4. Beneficiary Designations
Married people’s spouses and children are typically their heirs and beneficiaries. Your beneficiaries are the people you’ve said will receive assets that allow you to specifically designate an heir, such as retirement accounts, bank accounts, life insurance policies, wills, trusts and other accounts. Whether you have children or nor, your assets
Single adults have unique concerns in estate planning that married adults do not have. Prepare for the future by contacting an experienced estate planning attorney at Estate & Probate Legal Group in Lombard Illinois at 630-800-0112.