According to the most recent U.S. Census, over half of all adult Americans are single. Whether you just turned 18 or are 118 one thing you share with your married counterparts is the need for essential estate planning. U.S. law requires every adult to make his or her own personal, financial and health care decisions. Who would make your basic decisions if you are unable to do so due to a serious injury or illness?
As a single person, you have experienced that your version of “family” can include friends, non-traditional relationship, partners and people who become as close as family. Your plans may need to include and acknowledge this important relationship(s).
Unless you legally appoint your decision-maker in advance through proper estate planning, then a judge will select one for you. The court process can be long and expensive and a burden for your loved ones. In addition, the court may choose to appoint an unrelated third party to make these decisions for you.
Did you know that without having a plan in place, your assets may be distributed after death based on state laws written for people who do not have their own estate plan? Of course, this very impersonal estate plan written by state lawmakers likely mayl not reflect your own unique circumstances and objectives for your loved ones and assets.
Fortunately, we can help you avoid this unnecessary probate process and replace that impersonal state-written estate plan called “intestacy”, with one we design together for your unique circumstances and objectives. We can assist you with coordinating the beneficiary designations on your life insurance policy(s) and retirement plans and other assets with your estate plan in order to avoid unpleasant and unintended consequences and have a unified plan for your heirs, including customized wills, trusts, power of attorney’s and health directives.