Why Estate Plans are Essential for Singles, Right Now!
Estate Planning is generally thought of as activity for retiring parents or something that does not affect you while you are living. The reality is that estate planning for singles could not be more important. Singles do not have a spouse who might be considered the person to make decisions for you if you cannot. With the percentage of our population that are single nearing 50%, it’s a growing issue. Do you or someone you know fit into this category? If so, professional help is invaluable.
The first reason to have an estate plan is to establish decision makers for your personal being, while you are alive!
If you were to have an accident or other health issue that incapacitated you, who would make decisions regarding your life and health care? The courts, a distant relative or a close relative you do not want making potentially life or death decisions for you?
With a general power of attorney, advance health care directives and HIPPA authorizations documents, you can leave your care and important decisions to those you choose and not who the state designates.
The second reason is to establish where your assets will go, to establish Heirs: Where do your assets go if you are single? They could end up with the state or with whoever that court deems to be the closest relatives, minus the court costs which can be in the thousands of dollars. Make sure your assets go to those whom you choose and not anyone else.
A professional can help you to establish the correct documents that put your wishes in the driver’s seat for your life and assets. It will be too late after an accident, take care of these important issues today.