Many clients come in with the misconception that they need to be in a certain stage of their lives before an estate plan is needed. Regardless of whether you are single, married, have children, or do not have any children, you need some type of an estate plan. Estate planning is important for single people, just as much as it is for those who are married with children.
For clients who are single parents, it is extremely important to have estate documents lined up to ensure that someone is assigned responsibility for handling your property upon your death but also taking care of your young children in the event the other parent is not willing or suitable to care for your children. While the other parent usually has first say in these situations, if he or she has never been a part of the children’s lives, is deceased, or is not reachable, it is important that you have a will drawn up that designates who will care for your children if you are not able to do so.
State law provides rules for who receives your property in the event you do not have a will or trust. Usually property goes to a surviving spouse first and then your children. If you are single with no children and have very few trusted family members, having a will is important to ensure your estate does not go completely to the state. You may also wish to leave property to friends who are more like family than your blood relatives, which is another reason why having the documents drawn up is so important.
Power of attorney documents for financial, legal, and medical decisions are also extremely important for single clients. Your power of attorney will step in and make your financial and legal decisions in the event you are alive but incapacitated. Not having these documents prepared puts you at risk of having the state determine who will serve as both guardian and conservator for you. You may end up with someone you never would trust with these important decisions.
Many clients are single but in a relationship with a long-term partner. While the law recognizes spouses and gives them certain rights to receive property from their deceased spouse, unmarried partners do not enjoy this same right. In these situations, it is equally as important that the client have estate documents drawn up giving this trusted individual the right to make decisions on his or her behalf and ensuring that their partner receive something from their estate in terms of property distribution.
At Sullivan Law, we offer estate planning packages at a flat and reasonable fee. We also offer free consultations to discuss what your needs are, what you would like to do, and how that can be best accomplished. Everyone’s needs are different, and your wishes should be clearly listed and understood.
Call us at 248.917.1351 or email at asullivan@sullivanlawonline.com to schedule your free consultation today. We look forward to working with you!