When it comes to estate planning, many people believe it’s meant for married couples, yet it’s just as imperative that single individuals take the time to plan for their estate. The issues that single individuals will deal with differ from a married couple, but it is no less important to take some time and get your estate planning in order.
If you’re single and do not have an estate plan, your assets will be distributed to what’s called the heirs at law, typically your children. Should you not have any children, then your parents or siblings would be next in line. If one of your siblings has passed then their share would be given to their children, in other words, your nieces and nephews. In the worst case scenario, a single individual with no surviving family members would have his or her assets go to the state.
To ensure that your assets are going towards the people you would like them to, it’s essential to create a trust or will with distribution provisions, including naming the person who will administer your estate upon death, instead of relying on a court to do so. You also have the option of appointing a professional company if you prefer.
There are many more reasons why single individuals should make some time to figure out their estate plans. An experienced attorney can assist you in knowing that your estate will be taken care of based on your instructions and not how the state feels they should be distributed.
These estate planning tips are brought to you by Bauer Brofsky Law firm, a Florida estate planning attorney. Some of our areas of practice include estate planning as well as criminal law, tax planning, personal injury and real estate law. Call 305-712-7979 for a case evaluation or for any questions you may have.