Do You Need an Estate Plan If You're Single?
Many believe estate planning is only necessary if they are married, have children, or possess significant wealth.
However, regardless of age or relationship status, estate planning is crucial. Even if you do not have a spouse or children, if you pass away without a plan, your assets will be distributed according to the court’s discretion. As a result, your cherished possessions may not end up in the hands of loved ones, such as siblings, cousins, or non-blood relatives.
Understanding Intestate Laws
When a person dies without a Last Will and Testament, it is said they died intestate, which means that a state probate court will have to figure out how their assets will be distributed. As a result, if a single person passes away, their surviving parents and siblings will rule to inherit equal shares of the estate. If there are no surviving first-degree relatives, the estate will be divided equally between the remaining family members.
Why Create an Estate Plan
While property and assets may pass on to loved ones after a person passes away, even without a will, it does not mean they will pass to the right individuals. Without an estate plan, the court will distribute a decedent’s things, property, and assets according to the intestate succession laws. If there are no heirs, the belongings will become the property of the state.
However, what happens if you have other plans for your things, such as passing them to friends or a charity? Without a plan, your wishes may never come to fruition.
Create a Will
One way to ensure that your intentions are carried out regarding your assets is to create a will. Even if you do not have a spouse or children, you likely have someone in your life or an organization you want to get specific property or financial assets.
Creating a will can ensure that your things go to those you want them to go to, prevent the state from claiming your assets when there are no heirs, and allow you to appoint an executor to settle the estate. For further information about wills for single people, consider discussing the process with an experienced estate planning lawyer today.
Consider a Living Trust
Another option, if you are single, is to set up a living trust. This trust places your assets in a trust, and the representative you name will transfer the assets to your designated beneficiaries after your death. The benefit of this legal arrangement is that it lets you decide how your assets will be managed and distributed both during your lifetime and after your passing. Plus, these trusts will still allow you to control the assets.
Contact Losavio & DeJean, LLC, and Get Help Planning for Your Future
Even if you are single, you probably still want to be able to choose who or what organization gets your most prized possessions or the hard-earned assets you worked your whole life for. If you want further information regarding estate planning, contact Losavio & DeJean, LLC today or call us at 844.431.5334 to schedule a consultation with our team.
