Welcome back. Our estate lawyer in Cary is here to help you better understand why single adults should plan their estate, just as someone that is married would. Before moving on, be sure to visit back with our previous blog, if you missed it.
Did you know that you're able to designate someone to make medical decisions on your behalf? That responsibility would typically fall on the spouse, but as a single person, you might need to name someone you trust to carry out your requests when it comes to medical treatment and care.
Durable Power of Attorney | Estate Lawyer in Cary
An estate plan also contains a durable power of attorney (POA), which designates who should make decisions on your behalf if you are unable to due to injury or illness. Most people give their spouse POA, but if you are single, you may want to name a parent or a close family member who has good judgment in financial matters.
If you have insurance and retirement plans that require a beneficiary, you should make sure they name the person you wish to receive those benefits. It is important that those documents are included, or match your estate plan documents, so that there will be no confusion later on.
Another issue to consider is estate taxes. Most people are exempt from federal level taxes unless they have a large, multi-million dollar estate, but state level taxes could apply. An estate lawyer in Cary can help you find out if they would apply to you.
An estate plan is an important part of planning for the future for anyone, regardless of marital status. It will ensure that the assets you worked for will go to the people you choose.
We hope these tips help you with your estate planning needs. Remember, if you missed our previous blog post, be sure to visit back with it, here.
If you need a durable power of attorney written up, it’s a good idea to contact an estate lawyer in Cary. All of the aspects that might need to be included in the durable power of attorney can be documented by contacting Eldreth Law Firm, PC. Our lawyer can help you understand the process and limitations.
Eldreth and Eldreth PLLC
As always, feel free to contact us with any questions or concerns you may have about estate planning. Also contact our estate lawyer in Cary to schedule a consultation if you have yet to start estate planning. It's never too early to make plans for your wishes upon death. In addition, our attorney is here to help you with all your legal matters, whether it be estate planning, small business, trademarking, copyrighting, or DWI issues.