Estate Planning for Single Individuals
A lot of people believe that estate planning is only for married couples, since couples include spouses that rely on one another, or since couples are required to make a back-up plan for the care of minor children. Single individuals, nevertheless, might not require a will to provide safeguarding for another individual. Rather, they need to concentrate on their own safeguarding and lay the foundation for enabling someone else to make medical and financial decisions for them if they are unable to do so.
Additionally, they might need to spend a little more time thinking about where their assets would transfer at their passing, since there might not be a distinct set of beneficiaries (such as a spouse or children).
Obviously, people come to be single in various ways, if it’s through annulment, widowhood, divorce, or never been married. Some single people have children, whereas others don’t. There’s no one estate planning answer for every single individual.
Unique Considerations For Estate Planning As A Single Person
Estate planning talks usually give the impression that every senior in the US is married and has two or more children. Obviously, that’s untrue, and those that don’t fit the profile require estate planning direction at a minimum of as much as the common couple does.
Why Should Singles Create a Will?
A last will and testament aren’t only for married couples or those that have dependents, and there are multiple compelling reasons for single individuals to create a will:
- Property distribution: By creating a will, single individuals can leave detailed instructions for the distribution of their possessions. Besides guaranteeing their hard-earned assets don’t end up as state property, a will can specify who should receive sentimental belonging and family inheritances.
- Debt settlement: A will can specify how debts are managed after you pass away, so you aren’t saddling someone else with what you owe. This is especially important if you have co-signed loans or are an associate in a business.
- Pet care: By creating a will, you can get ready for the future of cherished pets. Besides appointing somebody you trust as a guardian; you can also set aside funding for a pet’s care and comfort.
What is a Trust?
Trusts are devised by you, as a “Settlor.” Being the Settlor, you are going to name yourself as your trust’s initial trustee. You hold ownership and management of your assets. The purpose of the trust is to bypass the need for the court to administer your estate.
Do Not Resuscitate Orders
Should your heart stop or your heartbeat is unmaintainable, a DNR instructs hospital and nursing facility medical staff not to use life-saving CPR or any other artificial ways to restart it. You may also choose to create the following likewise legal documents:
- DNRCC – do not resuscitate — comfort care – decree
- DNI – do not intubate – decree
- DNAR – do not attempt resuscitation – decree
- AND – allow natural death – decree
Establishing Powers of Attorney And Healthcare Directives
Whether you create a living will, opt for a medical power of attorney (MPOA), or both, you are required to make those decisions legally contractual, and in writing. There are state-specified documents for advance directives such as these; there is no need for an attorney to create them.
- Financial affairs Powers of attorney (POA) for financial affairs name someone to act on your behalf should you become debilitated and are a vital part of estate planning for single individuals. Not having these documents, a court would need to name someone to oversee important financial decisions on your behalf. That could postpone access to financial institution and investment accounts and make it challenging to access the funds required for paying bills.
- Healthcare decisions A medical power of attorney (MPOA), also called a health care proxy, is a good beginning for ensuring that you have named someone to act for you on making medical decisions. This specifies precisely what kinds of intercessions you agree to should you be unable to convey your wishes.
Selecting Trusted Individuals to Handle Your Affairs
Start by discussing the handling of your affairs with a trustworthy individual, should it be a member of your immediate family, a relative or a trusted friend. What matters is the trust between you and that individual and if that individual can provide you with the support you need. A friend or family member will most likely help you for free.
Should there be no one among your relatives or friends that can help you handle your affairs, you should think about hiring a professional. Always be sure this individual belongs to a reputable organization or professional association.
Trustee – A trustee is going to take legal ownership of trust assets, oversees the trust, and is responsible for implementing the intentions of the trust.
Executor – An executor is the individual named in the will to oversee the estate, handle the probate court, pay overdue debts, gather assets, and distribute the estate in accordance with the terms of the will.
Arizona Family Law
Naming guardians in your will can be part of your estate plan. You may think you’re too young or don’t have enough money to justify the expense, but if you have children, you have priceless assets. There are many considerations when naming guardians for your kids. However, the process doesn’t have to be expensive or complicated.
There’s nothing better than the peace of mind you will have knowing you’ve protected your family at a time when they need it most. Let us help. Schedule a consultation or contact Ogborne Law, PLC of Arizona today.
