Are you a single retiree in the state of California and have maybe put off your estate planning? Perhaps you and a friend have gotten together to draft your own wills with the support of witnesses and a notary. Even as a single individual and a retiree, there are still steps you can take with your estate planning to ensure that the beneficiaries you wish can receive what you set aside for them.
In addition to putting together a will, which gives the court some direction about what will happen to your belongings after you pass away, you might additionally choose to review your beneficiary designation forms.
These are often overlooked and can lead to areas of confusion if you had previously named a now deceased spouse as the beneficiary of your retirement life insurance brokerage or other similar accounts. Sitting down with an estate planning attorney is the best way to identify the different tools that are available to you as a single person approaching the estate planning process.
You can choose to pass things on to distant relatives or even choose a beneficiary that is a charity of your choice so that you can continue to support your philanthropic goals even after you have passed away. As a single person you must also think carefully about what might happen to you if you become unable to make decisions regarding your own health care. If you do not name a person who steps in to make financial, health care, or other decisions on your behalf, this could create an unfortunate and confusing situation for your family members- talk to a Pasadena estate lawyer for help.