There are many situations that result in being an unmarried individual. Whether you have not yet married, have become divorced, or your spouse has died, you should know that there is just as much importance in estate planning for a single person as there is for a married one. In fact, it could be even more important if you have assets that you want to go to specific heirs.
A larger percentage of the population is single, so it shouldn’t surprise you that estate planning professionals are experienced with the estate planning issues that singles face. Here are a few things that they will go over with you to be sure that your wishes are honored.
Do you have living relatives? Estate law works to distribute assets along bloodlines, so if you were to die without having done estate planning, that distribution will happen despite having no direction, although it might not be to the ones you would rather it went to. If you do not have living relatives and have not designated a nonfamily heir or organization, your assets will usually wind up with the state.
Who do you want to designate as the decision maker if you are unable to voice your intentions? Estate planning is not just about who you want to leave your assets to. It is also putting someone in charge of that distribution and handling probate, if necessary. In addition, it is about having a trusted person in charge of financial and/or health care decisions in the case of an emergency. If you do not have this information in place in a legal document, a state-appointed stranger would be in charge or perhaps a distant relative.
Who do your accounts have listed as beneficiary? It can be a real headache if you name one person as beneficiary of a financial account, life insurance policy, or other holding and put someone else in your will. Often the beneficial designation with the holding will be the one honored, but that could leave quite a bit of discord among your heirs, so it is best avoided.
These are just a few of the topics that will be brought up during your estate planning. You will also go over any changes you might need to make to current documents after divorce or the death of a spouse so that there isn’t any confusion as to where your assets belong.
