If you are a single adult, estate planning is probably the last thing on your mind. However, because you are single, it should be the first item on your to-do list, especially if you are a single mom or single dad.
THE PROBLEM: NOT HAVING A PLAN IN PLACE
As a single person, not having an estate plan can cost you and/or your family significant heartache, money and time. Consider the following scenarios.
- Imagine if you have a medical emergency and cannot make medical decisions for yourself. Who would be able to tell the doctors what you would want? Who will make important medical decisions for you? What types of medical care do you want (or not want)? Who will have the legal authority to care for your minor children while you are hospitalized?
- Imagine if you are incapacitated/disabled and cannot manage your finances. Who will have access to your money? Who will continue to pay your bills or rent/mortgage so you don’t lose your home? Who will manage your money? If you have minor children, who will take care of them?
- Imagine if you pass away. What will become of your estate? Who will inherit your property/assets? If you have minor children, who will take care of them?
CONSEQUENCES OF NOT HAVING A PLAN IN PLACE
If you are incapacitated and cannot make decisions for yourself, a judge who does not know you or your wishes:
- Will appoint someone to make medical decisions for you. This person, who you never would have picked, may make a medical decision for you that you would be totally against.
- Will appoint someone to access and manage your money.
- Will appoint someone to take care of your children. This person, who may not be a good fit for your minor children, will end up raising your kids.
In the event you pass away without an estate plan, your assets will automatically go through probate, and again, the courts will determine who will inherit your assets/property.
These court procedures costs thousands of dollars and can be avoided by simply having a well-drafted estate plan in place.
THE SOLUTION: BE PROACTIVE
Be proactive. Don’t leave these critical decisions in the hands of the courts!
Remember, estate planning is not about having a lot of assets to leave behind; it’s about making your own decisions regarding your medical care, possessions, finances and your minor children.
Peace of Mind Plan for Single Adults
I have developed an estate plan to address the unique planning needs of single adults. If you are single and want to rest easy at night knowing that you are fully protected if anything happens to you, then our Peace of Mind Plan for Single Adults is for you.
Your plan will include:
- Will and/or Trust
- Power of Attorney
- Health Care Power of Attorney & Living Will
- HIPAA Authorization
- Burial Directive
- Child Protection Plan (this is essential if you have minor children)