Estate Planning: Why Single People Should Do it Too
Many people are under the assumption that estate planning is mostly for married couples. Spouses rely on each other and need to make contingency plans for the care of one another or their children. Many people who are single believe that since they may not need to provide protection for another person that estate planning is of less importance. However, that is not the case. Today, Davidson Law Group will discuss why it is just as important for aging singles to discuss their wishes with an attorney.
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Empower Financial Decision Makers
One of the most important reasons for estate planning is ensuring that financial decisions can be made if you are incapacitated. Who will pay your bills, manage your investments, or sign your tax returns if you are sick? For those who are married, these roles fall to their spouses. It is imperative for singles that whoever holds their power of attorney has the documentation required to allow them to take care of your financial needs.
Medical Decision in Your Stead
Who will speak with doctors on your behalf if something were to happen to you? Choosing a health care proxy will ensure that someone who knows your wishes is able to make decisions with your interests in mind. During the estate planning process, you can also detail advanced directives for potential medical decisions if you become unable to communicate your wishes. If the worst occurs, it is imperative that you speak with an attorney about your medical requests. Ensuring that you are prepared is key, accidents happen regardless of your age or current health status.
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Identify Your Heirs
Married people often have natural heirs in their spouses or children. However, for singles without children, it is important to identify exactly who their heir is. If estate planning has not occurred, the probate court will decide on your inheritance based on your state’s law. Generally, the state will attempt to find the closest related family member. If you have specific wishes regarding your estate, it is important that you contact an estate planning attorney. Inform them of any individual or charity that you would like to make your beneficiary.
Contact Davidson Law Group Today
Regardless of your marital status, it is incredibly important that you discuss your wishes with an attorney. Planning your estate is a key aspect of aging that no one should overlook. If you are interested in learning more about the specifics of estate planning, contact the Davidson Law Group today in Fort Worth, Allen, or Tyler.