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Should Single Adults Estate Plan? Part One

Single adults need an estate plan just as much as someone with a spouse. If you are single and have personal property, investments, or insurance benefits that you want designated to certain people or organizations, it is important to create an estate plan so that your wishes are carried out.

Estate Planning For Single Adults | Estate Lawyer in Cary NC

If an unmarried person dies without a plan, his or her assets will be distributed according to the laws of the state. If there are children involved, the assets may go to them, or they may go to the person’s parents, if they are still alive. If a single person without an estate plan dies and has no family, the assets should go to the state.  
Keep in mind that if you are in a committed relationship and live with someone, but you are not legally married to that person, you are considered single. If you and your partner do not own anything together, your assets would not go to him or her. In order to ensure that your partner gets your home and/or car, you could put them in both of your names. The remaining survivor will automatically own all of the property should one of you die, or you can designate that he or she should get the property in your will.
A will is the most important part of your estate plan. It will allow you to distribute your assets in whatever manner you want.  If you are single, this gives you a chance to designate who in your family will inherit your assets. If you do not want to leave anything to family, you can designate friends or organizations you want to support when you are gone.

Executor | Estate Lawyer in Cary NC

You should also decide who will be the executor of your estate. It can be a family member, friend, or a lawyer. It is important to choose someone you can trust to take care of your financial matters in the way you have outlined.
Be sure to visit back with us during our next blog post. We will help you understand all the ins and outs of estate planning for single adults.
If you need an estate plan written up, it’s a good idea to contact an estate lawyer in Cary NC. All of the aspects that might need to be included in the document can be difficult to understand. You can receive help by contacting Eldreth Law Firm, PLLC. Our lawyer can help you understand the process and limitations.

Eldreth Law Firm PC | Estate Lawyer in Cary NC

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 NC 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.

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