While the process of planning an estate can be different for single individuals, planning is just as significant as it has always been. Finding the appropriate estate planning technique can help lessen stress and anxiety. Find out how to make a will, power of attorney, and dying intestate.
What is an Estate Plan?
Several people are conversant with the term estate plan, however, only a few people out there know what an estate plan means. Before you go ahead to plan your estate, you need to know what an estate plan is. You need to know the processes involved, how it is done, the dos and don’ts and the likes. You definitely don’t want to plan an estate with zero knowledge of an estate plan, it is like driving blind.
An estate plan is simply a plan made to prepare for one’s death. This plan often include preparations for several circumstance. An estate plan also covers the distribution, protection, and management of deceased’s assets until it is received by the appropriate beneficiaries. Estate plans are usually created with the help of estate planning lawyers. However, due to the advent of the internet, there are a host of online platforms that help individuals plan their estate.
Having known what an estate plan is, its best we delve further.
Estate planning strategies for singles
- Create a will
A will is one of the most important estate planning documents. This legal document consist of instructions for sharing the properties of an individual upon his or her death. By drafting a will, you will make sure that your estate is distributed according to your wishes after your death.
Drafting a will is an essential estate planning technique for single people as well as for those who are married. You get to designate the person(s) or organizations you would like to receive your assets.
- Power of attorney
A power of attorney is another essential thing to consider when evaluating estate planning techniques for single people. For married couple, it is generally assumed that they will make choices for each other, should one spouse become incapacitated. Single individual lack such option. Therefore, bestowing the POA to a trusted friend allows him or her to make choices for you when incapacitated.
- Identify your heirs
For married couples, spouses and children usually inherit their assets after their passing. As a single individual it is up to you to designate your heirs as you deem fit. You can decided to choose a close friend as your heir, as sibling, etc. But, have it in mind that you have to create a will first.
- Health care power of attorney
A health care power of attorney allows you to choose someone who will make crucial health care decisions on your behalf in case you are unable to do so. You can select a friend or a sibling to fill in this role. Remember, if you don’t have this document in place, the court will choose someone who’ll make those decisions on your behalf.
- Update your estate plan
An estate plan is not a plan that you create and leave that way. You will need to update it as time goes by, especially after a significant change which could include extra assets, marriage, etc.
Need an estate planning attorney?
Due to the complexities that surrounds the estate planning process, you may need the services of an estate planning attorney. With the help of an estate planning attorney, you should be able to not only plan your estate but update the plan later in the future.
An estate planning attorney can also offer you and your family valuable advice that could end up being a lifesaver. In addition, he can help in setting up various important legal estate planning documents like a power of attorney, healthcare directives, a living trust, etc.
If you want to plan your estate, and you need the services of an experienced estate planning attorney, please, don’t hesitate to contact us. Also, if you need help with updating your estate plan, you can contact our office as well. We boast of competent estate planning attorney who can help in creating an estate plan that suits your needs
