Many single people fail to implement a solid estate plan in today’s society, rendering their hard-earned assets vulnerable. Contrary to popular belief, estate planning is essential for everyone. Even if you don’t have a spouse or children who depend on you for their financial well-being, an estate plan can prove beneficial. While you may not need a will to protect another person, such as minor children, an estate plan can delegate financial and medical decisions to someone you trust. In addition, you can decide how you want your assets to be distributed after your death, as there may not be a clear set of beneficiaries. It’s essential to take the necessary steps to protect yourself. Please continue reading to learn the importance of estate planning for unmarried individuals and why connecting with an experienced Montgomery County Estate Planning Attorney is in your best interest.
What Are Important Estate Planning Considerations for Unmarried People?
Firstly, unmarried people should consider putting a durable power of attorney and a healthcare proxy in place. A durable power of attorney is a person who is designated to make financial decisions on your behalf should you become incapacitated and are rendered unable to do so on your own. If you fail to appoint a durable power of attorney, your loved ones must go before a judge to request authority to handle your financial affairs. This can be a lengthy and expensive process. The probate court will appoint an agent to act on your behalf. This means that they may choose someone that you don’t trust. By adequately executing a durable power of attorney, you can ensure the person responsible for managing your assets is the person you would choose to do so.
It would be best to establish a healthcare power of attorney, like a durable power of attorney. This individual will act on your behalf to make medical decisions should you become incapacitated and can no longer do so on your own. This legal document will stipulate precisely what interventions you agree to and provide authority for a loved one to permit you to carry out those wishes.
Furthermore, it would be best if you considered your charitable giving goals. If you have a chart you would like to support after your deaths, essentially to make your wishes known, the simplest way to contribute to charity is by naming the organization as a beneficiary within your trust or will.
If you are considering estate planning, please don’t hesitate to contact a proficient attorney from JD Katz. Our legal team is prepared to help draft a plan tailored to your needs.