People who are single and without children often have fewer familial responsibilities than parents and people who are married. But individuals who are childless and unmarried need an estate plan just as much as anyone else and perhaps more. Let our estate planning attorneys help you get started.
The need for incapacity planning is the same
If you were married and could not communicate your own medical decisions, physicians would normally ask your spouse to make decisions on your behalf in an emergency. Single people don’t have that option so appropriate estate planning for medical situations may be even more important for unmarried people. Many individuals are prone to procrastination; but when you go through life without any type of estate plan, you are taking an unnecessary risk.
Everything doesn’t automatically work itself out
You may assume that the government will make sure that everyone that you love is properly provided for if you pass away without any estate plan.
In fact, if you die without a will or some other estate planning document like a trust, that is called dying intestate. Once your final debts are paid, the state will determine who gets what. However, people that you love may be disinherited because these laws are just guessing at what the average person would want. When you plan your estate properly with the help of our estate planning attorneys, you can be certain that your own wishes are carried out.
Estate planning is relevant to young people
We all hear about people passing away at young ages. You never know what the future holds, and you cannot be certain that you will have time to plan your estate down the road. As soon as you are a self-supporting, responsible adult, you should have an estate plan in place.
A will is not the only option
Many people equate the process of estate planning to creating a last will. In fact, a will is not the best choice for many people. If you use a last will, your beneficiaries would receive lump-sum inheritances. Not everyone is a good money manager, and this can be a problem if you have a spendthrift in the family. One alternative is to create a revocable living trust and use the trust as the centerpiece of your estate plan instead of a will. You keep control of the assets while you are living, but you can provide more protection for your beneficiaries after you are gone. You should explore the possibilities and make fully informed decisions.
Living trusts allow you to plan for incapacity too
While powers of attorney for property are essential as part of an estate plan, another advantage that you gain with a revocable living trust is greater protection in case of incapacity. Unfortunately, many individuals become unable to handle their own finances eventually, with Alzheimer’s disease being a leading culprit among seniors. In the trust, you could select a disability trustee to administer the trust if you are incapacitated.
If you have questions regarding living trusts or any other estate planning matters, please contact the experienced estate planning attorneys at The Potter Law Firm for a consultation. You can contact us either online or by calling us at (704) 944-3245 or for individuals in Kentucky at (606) 324-5516 (Ashland, KY) or at (859) 372-6655 (Florence, KY).
- Will Your Estate Be Contested? - February 27, 2020
- Bryant’s Death Teaches Estate Planning Lesson - February 7, 2020
- Estate Tax Exclusion Has Been Increased - January 16, 2020
