Having a Will may not seem important to someone who isn’t providing financial support to other family members. But if you’ve worked hard to accumulate assets, don’t you want to able to decide who gets to benefit from those assets? Did you know that:
- You could arrange some of your assets to pass by beneficiary designation, or in payable on death accounts, in order to avoid probate and ensure you determine who receives your inheritance
- If you own a home solely in your name, it would have to go through probate at your death. Without a Will, it will be up to state law to determine who receives your property. But with a Will, you make that decision
For a single person, it is even more important to have a plan in place for incapacity. The plan should include both of the following documents:
- Financial Power of Attorney – A single person usually doesn’t have joint accounts with someone else. How would your bills get paid if you were in an accident or became very ill? With a properly prepared Power of Attorney, you can name someone to take care of your finances if you aren’t able to.
- Advance Directive for Health Care – This document names someone as your agent to make health care decisions for you if you are unable to communicate. By designating that person as your representative under the HIPAA privacy laws, you’ll make sure all your medical information will be accessible to your agent.
It can be difficult for a single person to choose someone to serve as agent, whether for financial or health care decisions. If family is the most comfortable choice, but they all live far away, it’s better to have the document and name someone far away, rather than not have a plan at all.
Without any incapacity documents, if you fall ill or are in an accident, and are unable to manage for yourself, someone would have to go to court, to petition for guardianship and conservatorship. Your hard earned dollars would pay for lawyers and court costs, and the person appointed by the court to take charge of your financial and health decisions might be the last person you would want.
Single people should protect themselves and their assets through careful estate planning so that you have the care and support you deserve.
Isn’t it time you take the first step in protecting yourself and your future? We can help you plan for all stages of your life, and are ready to find the right estate plan that will meet your individual needs. Single people should protect themselves and their assets through careful estate planning so that you have the care and support you deserve. Contact us at (770)817-4999 or click here to get started!