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Estate Planning for a Single Individual with No Children

As our attorney in Raleigh NC mentioned in the previous blog, even single people need estate plans. Everyone leaves something behind when they die, and those assets, even if they are small, will go to someone. If you worked for those during your life, you probably want a say in what happens to them. Having an estate plan that includes a will and possibly a living trust can give you the chance to decide where you want your assets to go.

Estate Planning for Singles With No Children | Attorney in Raleigh NC

Many people think that an estate plan is mainly created to take care of children when parents pass away, so people without children may think it is not necessary for them to have one. But that is not true. Even if you do not have children to take care of, you should want some say in what happens to your assets. You may have nieces or nephews you close friends that you want to receive part of your estate.
You may not have any family, and may want to leave your assets to a charity or an organization that you want to support. If you have an estate plan, you can outline how much goes where. But an estate plan does not only determine how your assets are distributed, it can also outline how decisions are made on your behalf should you become ill and not able to make them on your own.
If you are single and have no children, an important part of an estate plan will be a power of attorney so that you can name someone to make financial decisions on your behalf should you become incapacitated. A power of attorney for finances will let you name someone to handle things such as bank accounts, bills, taxes and your small business, if you have one. He or she should be a trustworthy person that can make good judgment calls when it comes to your money.
If you do not have an estate plan explaining how you want your asset to be dispersed when you pass away, then it is ultimately left up to the laws of your state. In that case, your hard earned estate could be divided up and dispersed to people you would not have chosen, or if you do not have relatives, it could end up going to the state.
We hope this information inspires you to start estate planning now, if you haven't already. Contact our lawyer in Raleigh NC, today to begin. Also be sure to visit back with our next blog for more information if you missed it!
Eldreth Law Firm can offer you an attorney in Raleigh NC to help with all your legal needs. From estate planning to small business law and more, we can help. Just contact us today to set up an appointment to talk with us.

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