Singles are not exempt from estate planning.
Are you single?
People often say being single means you are carefree.
You have no attachments.
While there may be certain freedoms in being single, you must still be a responsible adult.
According to a recent fox5atlanta.com article titled “Estate, emergency planning for single people,” one often overlooked responsibility is estate planning.
Avoiding estate planning is especially dangerous for those who are single.
Maybe this is you.
Perhaps you have managed alone for a long time.
You may not need help now, but you will eventually.
What will happen if you are incapacitated suddenly?
Who will manage your finances or make health care decisions on your behalf?
Who will take care of your estate and assets when you pass away?
These choices are simpler if you are married.
Usually, a spouse or adult children can fill these roles.
You should choose a trusted individual to perform these duties as your health care and financial agents.
You will also need to select an executor for your last will and testament.
This person should be someone who is reliable and honest.
After all, they would have access to some of your most personal and sensitive information following your death.
When estate planning, you will need to list assets, insurance, debts, and provide the locations and passwords for important documents and accounts.
Feel free to download complimentary estate organizing tools from our website under Organization & Communication Tools.
You should update this information every year.
Finally, your estate planning attorney and your executor will need access to this information.
This may not require a physical copy be held in their possession, but one should exist and its location made known to these individuals.
Do not delay.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: fox5atlanta.com (June 14, 2018) “Estate, emergency planning for single people”