These days people are living single more than ever before. Whether you never married, divorced, or are widowed, singles still need to plan their estate for after they pass. If anything, it is more important for them since they don't have any immediate heirs in the picture. When creating an estate plan when single, there are three important factors to pay attention to.
Heirs: Without a spouse or any children, when you die assets are usually distributed by blood lines. This can mean parents, siblings, or nieces and nephews. However, if you have no living heirs, those assets could go to the state, and no one wants that. This is why if you have friends, other relatives, or charities you want as inheritors, you need to identify them in an estate plan.
Decision makers: You think it won't happen, but it usually does. If you are incapacitated by any health events, you want someone you can trust as your decision maker. Without the proper attribution in your estate plan, the decisions could fall to some distant relative or even a state-appointed representative that you don't even know.
Beneficiaries: These can be the same as your heirs, but if you have retirement plans or life insurance, they will need a set beneficiary. If you want these divided throughout your heirs, then you definitely want to make the beneficiary someone that you trust to do so.
Are your single and wondering if you need an estate plan? Contact us today. The Law Offices of James C. Shields know how much more important estate plans are if you don't have a spouse and how messy your passing can be without one