Essential Estate Planning For Singles

Bloomfield Township estate planning lawyer

Currently, more and more people are choosing to remain unmarried or refuse to get involved again after going through a bad experience. One of the common misconceptions happens to be that estate planning is not relevant for singles. Although estate planning is often used to help secure the future of the children and spouse after the death of an individual, it doesn’t mean it’s less important for singles.

Investment experts and financial advisors alike agree that a proper strategy for estate planning and management is essential for everybody, including widowed seniors and individuals who have survived failed marriages. For these people, it’s important to have a plan in place to avoid having their state decide how their property is to be distributed after they pass on.

Estate Planning Issues for Singles

  1. Heirs

One of the primary roles of estate planning is determining how a person’s property and assets are distributed once they are gone. Failure to make a will or form trusts would mean that the state is responsible for deciding and distributing these assets after their death, based on the default rules that apply. For single individuals, it’s crucial to make a will at least, to ensure that their assets are left behind in a manner of their choice.

  1. Decision Makers

Estate planning mostly goes beyond the distribution of property, by helping to give an insight on important decisions like choosing the person who will make the critical decisions about the health and finances in case of incapacitation. Without a will, single individuals are at a risk of having the state pick a caretaker, guardian, or decision maker for them.

  1. Beneficiaries

To evaluate the financial decisions and goals of a person over time, estate planning regularly probes individuals, and keep their beneficiaries designations and other relevant documents updated. Keep in mind that these designations and distributions are upheld after the demise of the account holder, regardless of the designations provided in their will.

Estate Planning Essentials for Singles

  •    Wills: Forming a will is ideally the first step of making an estate plan. It lets the person develop a plan for the distribution of the property to the beneficiaries of choice, and choosing an executor who’s in a position to guide the probate process.
  •    Medical Provisions: Decisions such as selecting a healthcare professional with a medical power of attorney is vital for singles since there’s no spouse to take over on their behalf.
  •    A Durable Power of Attorney: this is a legal document awarded by the property owner to a person of choice, who is given the mandate of making important decisions about the owner’s finances and other personal affairs if anything happens. For singles, this could be a trusted friend or relative.
  •    Estate Taxes: Unless your estate exceeds the federal estate tax exclusion, you don’t fall under estate tax burden as a single person. Still, since the state level estate tax applies, you can benefit from being in a position to avoid a tax build up.
  •    Assets Transfer: Estate plans are essential to singles, as they allow them to chart out the ideal transfer of assets to the beneficiaries of choice, during the distribution of the assets.

Schedule Your Free Consultation with Our Michigan Experienced Estate Planning Attorney

Einheuser Legal, P.C. is an estate planning law firm in Bingham Farms, Michigan. We help families set up wills and living trusts. Attorney Michael Einheuser is an experienced estate planning lawyer serving residents in Bingham Farms, Troy, Farmington Hills, Rochester Hills, Southfield, West Bloomfield Township and Bloomfield Township.

Schedule your free consultation today by calling 248-398-4665.

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