More Americans than ever are choosing to stay single and/or childless. More than 20% of adults 25 or older as of 2012 have never married. While the number of women pursuing higher education and careers is higher than ever, so are the number of women over 40 who have never borne children. With this shift in focus comes the myth that estate planning is only needed once people are married or have children; but, the need for proper planning for single individuals can be even more important.
Single individuals (“Singles”) hold accounts in their name solely, generally without a joint owner or payable on death provision. If you are single and were to pass without a will and without a spouse or children, all of your assets would pass to your parents (if living), and then be divided among your siblings (if any). I have had clients who were only children, unmarried, without children of their own, whose parents had predeceased them and who passed without a Will. First, finding the legal heirs was a significant challenge as the money fell to distant relatives who has little or no contact with the deceased. Second, while you may have been perfectly happy to see your money go to people you have never met, had this been explained at a meeting with an attorney, I believe you would express a desire to leave your legacy to a charity of your choosing or friends, or a religious organization. Unfortunately, without a Will the money will be spread across three of four people who aren’t even aware they had a “great uncle Albert” until they are contacted.
Single individuals also face a tougher question when it comes to health care decisions. While you may trust a friend, pastor, or colleague to make medical decisions for you, and would prefer that person to make such decisions instead of a medical professional, without an advanced health care directive the people who know you best and who would know your desires best will be left without information or be allowed their input. In a worst-case scenario, without a named health care agent or financial agent, a court may have to appoint someone to step in to those decision-making roles. Additionally, it is more important for singles to keep up with their estate plan since the friend you named 10 years ago as your health care agent knew your wishes at the time, you may not be as close as you once were.
Regardless of the situation, whether it’s needing an executor to probate an estate or finding a health care agent, if a court has to name an agent it will cost you money; and sometimes a lot of it. As previously stated, sometimes finding the legal heirs for probate can be challenging and all that research costs law firms time, which costs your estate money. Heirs / Next of kin who were not close to the deceased also tend to be hesitant to sign legal paperwork (petitions, notices, etc.) that are required for probate proceedings. Further, getting a court to appoint an agent for health care or finances requires a number of legal documents be filed with the court and requires a hearing, all of which costs time and money.
Leaving a legacy is about more than children and bloodlines. Our firm works with single individuals and married couples with assets of all sizes. A good plan is beneficial for everyone. Contact Grissom Law, LLC today at 678-781-9230 to schedule an appointment to discuss your needs.
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This Blog/Web Site is made available for educational purposes only. In addition, it is available to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.