Estate Planning for the Single Adult Estate Planning Esther shrugged as she read the headline, 4 Common Estate Planning Single Adult 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. Estate Planning Single Adult Can Be A Simple Will. Most adults own something – a car, furniture, 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 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. More Than a Will. Estate planning is not just about death and writing a Will. Her estate planning attorney may advise her to sign the following documents: Durable Power of Attorney By signing a power of attorney form, Esther can authorize an agent to make decisions for her. Powers can be broad or limited, depending on your situation. Esther needs to make sure the power of attorney is durable. A general power of attorney terminates upon incapacity. The powers granted under a durable power of attorney continue even after incapacity. Medical Health Care Power of Attorney This document allows the principal (Esther in this situation) to name someone to make medical decisions for her. It may seem unlikely that a young person needs a medical health care power of attorney. However, planning for a possible incapacity is better than trying to deal with incapacity as it happens. Living Will. This document may be considered optional, but still important. By signing it, Esther can tell the world what type of end-of-life treatments she wants and does not Having this document in place could spare her friends and family the turmoil of trying to decide what’s best for her. 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. Estate planning single adult assures a smooth, efficient, low cost asset transfer to the most important people in your life. Do the Right Thing, No Matter Where You Are in Life Estate Planning Single Adult. 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. Law Offices of John Mangan, PA Palm City – Stuart, FL CALL: 1 (772) 218-0480 Do you question the need for attorney guidance with so many online resources? Because laws and regulations are complex, and because every person has a lot at risk, more people than ever are seeking professional guidance from an experienced, knowledgeable source. That helps explain the rapid growth of our firm. Whether you happened upon this website by accident or are one of the many referrals we receive from a nearly 15-year collection of satisfied clients, our staff can provide customized estate planning guidance for you. Call us. Our number: 1 (772) 218-0480 Written by: John Mangan, JD, MBA
