Estate Planning for Single Adults

Many people assume estate planning is exclusively for married people with children. Indeed, these individuals have the most to gain from making a comprehensive estate plan. But an increasing number of adults, about 25 percent, are over 50 and have no children. These individuals usually have significant estate planning needs. Their needs are just different.

A St. Petersburg estate planning lawyer works with all adults in all walks of life and in all stages of life. We don’t offer pre-packaged estate plans. Instead, we take the time to listen to you and your needs. Then, we tailor an estate plan to fit those needs. We’re also available to revise that estate plan as your needs change.

Financial Affairs

A financial affairs power of attorney for financial affairs appoints someone to act on the maker’s behalf in the event of temporary or permanent incapacity.

If no such designation is on file, in the event of incapacity, the guardianship court appoints an individual, or more likely an investment company, to serve in this capacity. This person or institution knows almost nothing about the situation. Furthermore, the protracted court process delays access to bank and investment accounts, making it difficult to access the money needed to pay bills.

The best financial affairs power of attorney is a trusted individual who has some financial knowledge. The trust element is far more important than the knowledge element.

Healthcare Decisions

A healthcare proxy (medical power of attorney) designates a trusted and responsible individual to make certain medical decisions in specific situations. This document spells out precisely what types of interventions the maker agrees to, if direct, two-way communication with the maker is impossible.

Many single people don’t have a natural individual, like an adult child, to serve in this capacity. More distant relatives, like cousins, may be available, but may be initially unwilling to serve. A St. Petersburg estate planning lawyer helps smooth over these situations.

Long-term care insurance is another important planning consideration. Self-insuring may be an option for people with significant assets, but for others, having an insurance plan to address potential long-term care costs helps provide peace of mind.

Identify Heirs

Many single people want to leave assets to charitable trusts, friends, and other entities and individuals not in the natural order of inheritance. Wills and trusts are absolutely critical in these situations. Otherwise, the court distributes assets to blood relatives, regardless of emotional attachment.

On a related note, all beneficiary designations on life insurance, retirement, and bank accounts reflect current wishes. For example, if Rachel was previously married, her former spouse is most likely the beneficiary of some accounts. Or, she may have named, as a beneficiary, a friend with whom she has lost contact. Remember that beneficiary designations override how a will or revocable trust distributes your assets.

Update As Needed

We mentioned the need for updates above. Additionally, as they move through life, many people make new connections. These new connections aren’t reflected in old documents.

When single people, or anyone else, update estate plans, we always recommend the physical destruction of prior documents. Don’t mess with codicils and amendments as these ancillary documents often create confusion.

Connect With a Diligent Pinellas County Lawyer

Will and estate matters are very complex. For a confidential consultation with an experienced estate planning lawyer in Bradenton, contact Drude Tomori Law. We routinely handle matters throughout the Sunshine State.

Source:

pewresearch.org/social-trends/2024/07/25/demographic-and-economic-characteristics-of-adults-50-and-older-without-children/