Single individuals should consider estate planning in Washington, DC well before they think they need to begin. Even if your assets seems small in comparison to well-established couples, it is imperative that you plan for your future. Single can mean that you have never been married, been divorced, or widowed. Estate planning for the 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. Post-divorce you may want to go through your retirement plan, employment records, and benefit packages to change your beneficiary information. Divorcees, never married, or widowers can designate any individual as their beneficiary for a number of different accounts.
Contact JD Katz Attorneys at Law for help with your estate planning in Washington, DC. They will make sure that you navigate estate planning with little trouble!