Welcome back. Our estate lawyer in Cary NC is here to talk further about estate planning for singles. If you missed our previous blog, visit back for more information.
If you have close friends who are not related but have become your family, then you can designate them to be heirs. Or, if you work with a charity or believe in a cause that you want to donate to, you can plan to have them receive some of your assets. By creating an estate plan, which can include a will and a living trust, you can have control over what happens to your assets when you die.
Estate Planning For Singles | Estate Lawyers Cary NC
Also keep in mind that if you have account such as life insurance policies or retirement plans, you will need to designate a beneficiary for those as well. Regardless of what the trust or will says, the name on the policy will generally be override any other designation.
As a single person, it is also important to decide who will make decisions on your behalf should you become incapacitated. You can appoint someone to handle financial affairs and someone to make medical decisions for you. By creating a durable power of attorney in your estate plan, you can avoid having those decisions fall into the hands of someone you do not want. Depending on state laws, it could end up being a distant relative or even a stranger appointed by the courts.
If you were once married and got a divorce, do not forget to update your wills and beneficiaries on policies, or your ex-spouse could end up being on the receiving end of your assets when you die. It is important to make updates to an existing estate plan every time a major life event occurs, such as divorce, marriage, birth or death.
If you are unsure of your options as a single person, you can ask a lawyer who has experience in estate planning for guidance so that you can feel confident in knowing that your wishes will be carried out when you pass away.
Eldreth and Eldreth | Estate Lawyers Cary NC
Remember, estate planning is important. It’s a way to ensure your loved ones are cared for after you’ve passed. It’s also a way to distribute your belongings to specific loved ones as well. It’s important that one not pass without this document. Doing so can result in a court case that will leave your loved ones stuck in probate court. This could be not only time consuming but expensive as well.
Regardless of whether you're married, single, wealthy, childless or a parent, it's important for all adults to have an estate plan and the proper documents in place at the beginning of each year. If you're ready to begin planning your estate contact our estate lawyer in Cary NC, today.