Many people tend to assume that estate planning is only for those who are married or who have a significant amount of assets. This is untrue. To start, you most likely own more assets than you think, and secondly, even if you are currently unmarried, there are a wide array of reasons why you should strongly consider beginning the estate planning process today. Continue reading and speak with our Maryland estate planning attorneys to learn more.
Why should an unmarried person begin the estate planning process today?
There are very many reasons why an unmarried person should consider creating a comprehensive estate plan, and if you are unmarried, you may be shocked to learn just how important creating an estate plan can be. Some of the most important reasons you should create an estate plan are as follows:
When you write up a will, you can select beneficiaries. If you die without creating a will as a married person, your assets will most likely go directly to your spouse. However, if you die intestate without a spouse, it may become unclear who should get which assets. As you know, you may have parents, children, cousins, friends, and other loved ones who you wish to inherit your assets upon your passing, even if you are not married, which is one reason why you should strongly consider drafting a will and appointing the beneficiaries of your choosing.
Powers of Attorney
Creating a healthcare power of attorney will give someone you trust the right to make certain critical medical decisions on your behalf, should you become incapacitated or unable to make those decisions on your own. Similarly, you may also create a power of attorney to appoint a loved one to manage your finances, should you become incapacitated. In most cases, this person would be your spouse, but if you are unmarried, you can still ensure a trustworthy person is here to make important decisions on your behalf.
Updating Your Plan to Better Reflect Your Current Situation in Life
If you used to be married, there is a very good chance that you still have your former spouse listed as a beneficiary on your will. While you may still wish for your assets to be transferred to your former spouse upon your passing, there is a very good chance that you would prefer these assets to go to your children or other loved ones instead. For this very reason, you should strongly consider updating your estate plan as soon as possible, and at least every five years after that to ensure that it best reflects your current situation in life. If you have any further questions, give us a call today.
Contact our experienced Montgomery County, 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.