Why is Estate Planning for Single People So Important?
Many people are getting married later in life, whether or not they have children before then. Due to this, more people are spending a greater portion of their life single. Being single, though, does not mean that it is not important to create an estate plan. Below, one of our Spokane estate planning lawyers explains the importance of making a plan so you and your loved ones are protected.
Make Decisions About After Death, and During Your Lifetime
When you create an estate plan, you likely know that you will need to make important decisions about who will receive your property after you pass away. However, having an estate plan in place will also allow you to retain control over who will make important legal and financial decisions on your behalf if you should ever become incapacitated.
A financial power of attorney and a medical power of attorney can make important decisions for you in the event that you cannot. While you are still able and mentally capable, you convey your wishes to your power of attorney and in the event that they are needed, that person will then make those decisions for you. If you do not have a power of attorney to make these decisions for you, your loved ones may have to petition a court to obtain guardianship to determine who will assist you. Establishing guardianship is always a long, expensive, and arduous process.
Determine How Property is Distributed
If you pass away without an estate plan in place, your estate will have to go through the probate process, during which the court will divide your assets based on the intestate succession laws of the state. If you are unmarried but have children, they are the first to receive your assets. Without children, your parents will receive your assets if they survived your death, and then to other living blood relatives. Under the intestate laws, none of your assets will be distributed to non-relatives, such as friends or charitable organizations. With proper planning, you can help your loved ones avoid the probate process altogether.
When you create an estate plan, you decide how your assets will be distributed among your loved ones after you pass away. This is particularly important if you have children, nieces and nephews, or a beneficiary who has special needs and receives government benefits. Minor children cannot hold assets in their name but once they turn 18 years old, they would have full access to them. Yikes! By creating an estate plan, you can dictate how much young inheritors receive and when, to make sure the funds or assets are spent appropriately.
Our Estate Planning Lawyers in Spokane Can Provide the Protection You Need
If you have not yet created an estate plan, now is the time. At Moulton Law Offices, P.S., our Spokane estate planning lawyers can create a plan that protects you and your family now, and in the future. Call us now at 509-328-2150 or chat with us online to request a consultation and to learn more.
Source:
app.leg.wa.gov/rcw/default.aspx?cite=11.12&full=true
