There are various myths about estate planning which people do believe. For instance, most people think estate planning is only for the wealthy in the society, others think it is for the old and ready to die, some others think it’s for only married couples. These are all wrong ideas, as far as estate planning is concerned, every adult –young or old, rich or poor single or married needs an estate plan. Estate planning is as relevant to a single person as it is to a married couple.
Need for a will
A will is a legal document which gives directives on how you wish your estate to be distributed among your heirs; you name your executor in a will. It also contains information regarding other things like whom your creditors are etc. Some benefits of a will include
- Having a will gives you the opportunity to decide those to inherit your estate when you are gone. You get to choose who to get what. It helps to keep your estate from does that you don’t wish to have a share in your inheritance.
- Will makes it easier for your heirs to get access to your estate as everything would have been put in place by you.
- Will also presents you with the opportunity of donating your estate to charity. This can’t be possible when you do not have a will as family members won’t know of your desire to donate your estate to charity.
- In your will you can specify whom to look after your children whereas, in the absence of a will, this decision will be made by the court.
As a single person you might not see the need of having a will probably because you feel you don’t have kids or a family of your own yet. Even as a single, there are persons you would want your assets to go to and the ones you wouldn’t want to be part of your inheritance. If you die without an estate plan these intentions of yours won’t come to pass as the state will decide how your estate will be distributed among your relatives. In a situation whereby you have no living relative, the state will take possession of your entire estate. This is something you wouldn’t want but the only way to avoid it from happening is by creating an estate plan having a will document.
Need for a durable power of attorney
Being single is the more reason you want to have this document included in your estate plan.
A durable power of attorney is someone who you give legal power to. This person has the right to make decisions on your behalf and represent your interest if you ever become incapacitated.
Unlike married couples whose spouse are almost always the ones playing this role, singles have to choose either a close friend, a sibling, an attorney, someone whom they trust to represent their interest. This person has to be well equipped on how you manage your estate in order to be able to properly represent your interest.
There are consequences for singles not having a durable power of attorney. In the case of incapacitation and you do not have a durable power of attorney; the court will decide who to represent you. This might not be your preferred choice because the person might not know much concerning how you run your affairs. So to avoid this it is important for every single person to plan their estate and include a durable power of attorney in their plan.
Need for a health care proxy
A health care proxy is someone whom you bestow the right to make medical decisions on your behalf in the case of incapacitation. This person has the responsibility of determining the kind of treatment you receive; he calls all medical shots on your behalf. This person is acquainted with your choices of treatment, the type of treatment you might not want to receive or the extent of treatment you wouldn’t want the physician to go. This person makes sure these wishes of yours are respected to the letter. In a situation whereby your instructions do not provide for a particular case, he has the right to make the decision on your behalf as he deems fit.
For singles who want to plan their estate, they will need to consult an attorney to guard them through the right process. Our attorneys are available round the clock to offer professional support.
