Most people understand the importance of an effective Estate Plan for the “married with children” portion of the population. Few think about the divorced, widowed, and singles. For these groups, an Estate Plan is just as important!
If you are single, and do not have a valid Will or Trust, your lifetime of accumulations go where the state says they go. Each state sets standard formulas for distribution when a person dies without a Will or Trust, or “intestate”. That means a single person’s estate may be distributed to distant relatives, potentially against the decedent’s wishes, or if there are no relatives, then to the state. Would you want the result of your life’s work to end up in the hands of the state?
The Wall Street Journal recently published an article on this topic, warning, “it can be especially important for single people to work with estate-planning professionals.”
I encourage you to read the Wall Street Journal article, linked below. If you are single, or if you know a single person who does not have an Estate Plan, contact me today for a free consultation. In the New Year, resolve to set aside an hour to discuss with me how to secure your legacy.
A general Estate Plan will usually include:
- Pour-over Will
- Revocable Living Trust
- Advance Health Care Directive
- Durable Power of Attorney
Contact me today at 888-814-5552 or send me an email.