01 Jun Estate Planning for Non-Marrieds
With the various dimensions that there are to estate planning and asset protection, Phelps LaClair wants to assist you in gaining more insight of what is best for you. As most estate planning education is focused around married couples, it is just as important for those who are not married, never married, or widowed. As a single person, the process may look a bit different than a married couple, but it is imperative to have good preparation so there are no problems in the long term.
Married couples usually have the benefit of having the state laws distribute assets and wealth into the surviving spouse or to the children should something happen an a will is not in place. That is not guaranteed however, and planning for that should be put in place. However, for a single person, the state would distribute assets to the closest living relative whether that is what was wanted or not, and if there are no living relatives, then the assets likely go to the state.
With estate planning for the single person, whether you have living relatives or not, you can have the power to decide where your assets go to, whether that is to friends, family, charities or a religious organization. You want to be able to be in charge of what happens if you are incapable of making a decision or are deceased. It is imperative to put an estate plan into place to be assured that what your desires are can be carried out and your assets are protected.
Also without an estate plan in place, if you become incapacitated without a plan, a court will appoint someone for you to make the proper health care needs. This person may not be who you had wished would be in place, and thus uncertain of if they would carry out your wishes the way you would want. When you put the proper plan into place, you have the rights to a power of attorney, or someone who can make healthcare decisions for you that you trust, as well as putting in place advance directives of end of life care and the type of care you would like.
Estate planning for non-married individuals is just as important as for married couples. Asset protection plans with living wills, trusts and estate planning helps to give you peace of mind that your wishes will be followed. You can ensure your family, friends or assets are taken care of in the way you desired.
So why wait? Contact Phelps LaClair today and get your protection in place.
Images used under creative commons license – commercial use (5/17/2017) Onesill~Bill Badzo (Flickr)