Generally speaking, single people in California and elsewhere spend a lot of time thinking of their life goals and making plans for successful futures. However, far fewer consider estate planning of paramount importance, especially when they have no dependents. Some may change their minds after considering the following ideas.
Many financial advisers say estate plans are actually more important to single people than those who are married. One of the most crucial reasons why pertains to assets. Typically, if a married person dies intestate, or without a will, his or her assets will likely be passed to the surviving spouse. Since a single person has no spouse, it cannot be presumed to whom the state will pass his or her assets.
Therefore, if a single person wishes property, money or other belongings to be given to a particular person or persons at the time of his or her death, it is best to execute a will as part of a thorough estate plan to ensure that those wishes will be carried out. A single person who is also a parent is better able to secure a son’s or daughter’s position as heir through a well-designed estate plan than by a mere verbal promise of inheritance. An estate plan can also help minimize estate taxes for which direct descendants may be responsible after a parent’s death if there is no spouse.
In addition to the topic of beneficiaries, many single people favor particular causes to which they’d like to donate upon their deaths. Instructions for this may be included in an estate plan. Anyone in California with questions regarding potential estate planning benefits for single people may find answers through consultation with a probate and estate administration attorney.
Source: businessinsavannah.com, “Smith and Barid: Single people may need estate planning more than others“, Michael Smith, Richard Barid, Dec. 20, 2016