Singles are not left out when it comes to making appropriate estate plans. In fact, it is essential to make such plans and key estate decision right early on in life. This plans would come up as a shield when needed in certain latter stages of life. Estate plans should be done right and being singles should not be an excuse for wrong inclusions in estate plans. It is advisable to consult an estate planning lawyer when making these estate plans.
Planning now for the future with an estate lawyer would never be regretted. Preparing now for the future over your financial and medical affairs even while you are single would save you and your loved ones a whole deal of stress and troubles. One wrong document or inclusion or signatory could mean or signal a whole different thing and may jeopardize your wellbeing or your estates at risk of loss and probate with the beneficiary or trustee not getting it.
It is also important to note that state laws rules over estate plan. They dictates what should be included in will, trust or power of an attorney, this state laws, also regulates how the documents are filed and its implementation. This emphases the importance an estate planning lawyer.
Essential estate planning documents for singles
Being single, there are key estate document that can help cater for all aspect of life.
Write your Will and testament:
A will based estate plan holds a detailed list of instructions as to how your property should be shared after you die.
Create a living Trust:
Trust are essential when planning your estate. Through trust, you can have anyone whom you solely desire manage and make financial decisions over your assets both while you are alive or dead as well as when you become mentally incapacitated. Trust forms the bases of how your estates are shared or given to beneficiaries, what happens to you when you die and who makes certain financial or medical decisions for you when you are mentally incapable. There are two types of trust, revocable and irrevocable living trust. Being single, the revocable living trust is important. It allows you name a trustee to oversee critical aspects of your life when you can no longer make the decisions. The successor trustee steps in and take important roles.
Revocable Trust prevents unwanted guardianship
In the process of creating a living trust, you name a trustee, who takes over making financial or medical decisions for you when you are unable to dos so. This trust is only implemented when you become incapacitated. A court proceeding would no longer be needed for establishing guardianship and appointing a legal guardian for you. Your trustee as stated in the revocable trust would step into this decision making duty of managing your estate and other affairs.
Fund the Trust.
After creating the trust documents, it is important to fund it right away by transferring your assets into the created trust. The importance of this cannot be overemphasized. If you fund the trust while alive and well, but later you become incapacitated or there is need to establish the trust, the named trustee would be able to use the funded trust without going through probate. This is one importance of the revocable living trust over other Will.
Other essential estate plans includes:
Name an advance medical directive
Through an advance medical directive also known as a medical power of attorney, you get to designate a health agent to make medical decisions when you are unable to do so. This same document could be filed in court to should it be someone needs to be your guardian or conservator.