Estate Planning for Singles
Single people with no children are usually able to save more money than others
and yet it may be likely that they have not put much effort into their estate
plans.
Here are 4 simple tips for single clients:
- Execute a durable power of attorney and a healthcare advance directive.
- Even those without children do not live forever, even though mortality may not be showing in their faces like those with children! Establishing a durable power of attorney and a healthcare advance directive will allow another person to make important financial and medical decisions for a single
client, if it becomes necessary to do so.
- Even those without children do not live forever, even though mortality may not be showing in their faces like those with children! Establishing a durable power of attorney and a healthcare advance directive will allow another person to make important financial and medical decisions for a single
- Make a will.
- With no direct descendants nor a spouse, a will is necessary
in disposing of assets. The client can name the executor/personal representative to handle the affairs, and the will can name the beneficiaries.
- With no direct descendants nor a spouse, a will is necessary
- Create a revocable trust.
- A trust can be used to avoid the costs and delays of probate.
- Consider estate taxes.
- Singles have no direct descendants, so any beneficiaries will be receiving a windfall. If giving these beneficiaries more and the government less is important, the single individual should consider charitable giving as a means to lower taxes.
Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.
This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.
