There are few things more important than creating a comprehensive estate plan, regardless of whether you are single, married, or in a relationship. The focus of this blog, however, is on the single individual. If you are single and are looking to create an estate plan, simply read on and reach out to our experienced Maryland estate planning attorney to learn more about how our firm can help you through the legal process going forward.
Single individuals should consider estate planning well before they think they need to begin. Even if your assets seem small in comparison to well-established couples, you must plan for your future. Single can mean that you have never been married, or that you have been divorced or widowed. Estate planning for a single individual will address heirs, decision-makers, and beneficiaries.
Those who pass away without a spouse put their other loved ones in a difficult situation. Assets will be passed down to the closest living relative, child, sister, etc which could cause tension. Otherwise, the state would receive all assets of those who pass away without a living relative. Just because an individual does not have a bloodline or spouse does not mean that they do not have loved ones. Estate planning will ensure that assets will be distributed to family, friends, or charities of your choosing.
Ensuring your own health and well-being is an important factor within estate planning. If you are single, choosing a decision-maker is very important in the event that you are severely injured or incompetent. Estate planning will help put your health decisions in the hands of an individual that you trust. You may also be able to write out your wishes for the appointed individual to follow in the event of your injury or incompetence.
Designating one or more beneficiaries may be important. Let’s say you recently went through a divorce. If you do not modify your estate plan post-divorce and you pass away, your assets will most likely go to your ex-spouse. Rather obviously, this is the last thing most people want, which is why you should always check in with an experienced estate planning attorney after a divorce. Our firm can help you modify your retirement plan, employment records, and benefits packages to change your beneficiary information. Divorcees, the never-married, or widowers can designate any individual as their beneficiary for a number of different accounts. Our firm is ready to help you–all you have to do is ask.
Contact our experienced Maryland firm
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.