Estate Planning for Single People
Attorneys continuously stress how important it is for their clients to have an estate plan. Usually, however, the conversation centers on married couples or people with children. Single people and people without children are generally not included in the discussion. As a result, single or childless individuals often think they do not need an estate plan. Nothing could be further from the truth. In fact, if you are single or do no have any children you may benefit the most from estate planning.
Do Single People Need a Will or Trust?
Estate planning for singles is particularly important because they do not have a spouse to rely upon should a tragedy strike. A spouse is usually the person that assists with caring for you when your ill or caring for children when you are unable to do so yourself. Without a spouse, this responsibility will likely fall upon your parents or siblings. To have a say, you must have an estate plan that clearly outlines who will assist you with your health and finances during times of need. Perhaps more important, if you have children, you need an estate plan to specify who will care for them if you cannot. With an estate plan, you can execute a medical and durable power of attorney to appointment a specific person to assist you. You can also appoint a guardian for your children.
An estate plan is also important to specify who will receive your assets. If a single person without children were to pass away without an estate plan their assets would pass to their next-of-kin—usually their parents or siblings. If a single person with minor children were to pass away without an estate plan their assets would pass to their children, but the money would likely be tied up in probate until the children reached eighteen. To specify who is to receive your assets, or prevent your money from being tied up in court you need an estate plan.
Are you single and looking for estate planning advice? Atlas Law, PLC can help! Our firm is located in Plymouth, Michigan. Our attorney can guide you through the estate planning process and answer any questions you have about revocable living trusts, living wills, last wills, powers of attorney and the probate process.
We Can Help!
Experience attorneys can help you with your estate planning needs, giving you the peace of mind that comes from knowing your final wishes will be honored. We serve Detroit, Ann Arbor, including Plymouth, Livonia, Northville, Novi, Canton, Farmington Hills and all of Oakland County.
We offer free consultations. Call today (248) 773-5555
About the Author: Aaron R. Shahan is an attorney at Atlas Law, PLC. Aaron dedicates his practice to virtually all aspects of estate planning, elder law and probate.