Esther shrugged as she read the headline, 4 Common Estate Planning Errors and How to Avoid Them. She didn’t bother to read the article. Esther thinks because she is young, single with no kids and a modest bank balance that she does not need an estate plan. Esther is wrong. Even single adults – young or not-so-young – need to do their estate planning.
Most adults own something – a car, furniture and household goods, or electronics, for example. If the unthinkable happens, where will all those possessions go? It does not matter if the person who died is old or young, single or married, their property will go to someone.
When someone leaves a Will that distributes assets, their estate goes through probate. Their property is distributed to heirs based on the terms of the Will.
A person who dies without writing a Will is referred to as being intestate. Their estate still goes through probate. It’s just that their property is distributed according to state intestacy laws.
Esther and her mother are estranged. She has told friends she would like her brother to have her car and her roommates to have their choice of her personal property. If Esther dies without a Will, however, her property will probably go to her parents under state law. She lost her last chance to speak her mind.
Estate planning is not just about death and writing a Will. Her estate planning attorney may advise her to sign the following documents:
Married or single, someone will need to pay your bills and take care of your finances if you suddenly become disabled. Someone will need to communicate with your medical providers. And someone will need to distribute your property after you are gone.
At Law Offices of John Mangan, P.A., we’ve helped many clients develop comprehensive estate plans that meet their goals and needs. We can set up an appointment for you if you just call 772-324-9050 or use our convenient Contact Form.
Located in Palm City, the Law Offices of John Mangan, P.A. also serves clients in Stuart, Hobe Sound, Jupiter, and Port St. Lucie.