The issues may be different, but singles need estate planning as much as married people.
When a single person with no estate plan dies, his or her assets are usually distributed to children. If there are none, they go to parents, then siblings. If siblings have died, their share goes to their children. If there are no surviving family members, the assets may go to the state.
To ensure that assets go to desired loved ones or charities, a will or trust should be established, says a column in the Green Bay Press Gazette.
In addition, powers of attorney are needed. If a person is unable to make their own medical decisions, a health care power of attorney is needed to designate a trusted person to make health care decisions. A power of attorney is also needed to choose someone to manage assets and make financial decisions.
If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.
