A common mistake made by many, many singles in Harrisburg is not creating an estate plan on time. Most of them think that they have no spouse or children, so it does not matter to make one. This is a false belief. Creating a will is vital for everyone. Even if you are not married or do not have kids, you may have someone who is financially dependent on you, such as a parent.
More examples include having a trusted person make decisions on your behalf when you are temporarily or permanently incapacitated. This could be a friend, a fellow single person, or anyone who will hold you accountable for having an estate plan. Call up a Harrisburg estate planning attorney to draft a legally accurate plan today.
Estate planning tips for singles.
1. Establish a durable power of attorney.
Establishing a durable power of attorney can be very beneficial. It is a legal document that designates a person to make financial decisions on your behalf when you are unable to do so.
If you fail to establish a durable power of attorney, it will create difficulties for your loved ones. They would need to go to court and request the judge to give them the authority to handle your finances. This procedure can be expensive and time-consuming.
2. Assemble your team.
You may need a team of experts to create an estate plan. These experts may include an estate planning attorney, a certified public accountant, financial advisors, and others. They can ensure that your desires are carried out as you age and after your death.
Additionally, if you are still employed, you can inquire about legal services benefits from your employer.
3. Take control.
If you do not have clear instructions regarding your property and assets, the state will take control and make decisions after your death. Regardless of your marital status, a will is an essential estate planning document you must have. It allows you to seamlessly transfer your property and assets to your loved ones according to your wishes.
If someone passes away without making a will, it is called dying intestate. In this case, your assets will automatically be distributed according to intestate succession laws. If no relative comes forward to claim your property, the state will receive all the assets.
4. Choose an executor
Writing a will does not complete estate planning until an executor is appointed to carry out the decedent’s wishes. Following the testator’s death, an executor executes the testator’s final desires. Therefore, it is crucial to appoint an executor. If there is no executor named, the court will appoint one. However, the process of executing the will may take longer.
Choose an executor to carry out your wishes, and do not wait until it is too late. Contact an estate planning attorney today!
