Estate planning is not only for married people and for those who have children. It is also a must for singles or unmarried individuals. Upon someone’s death, if he or she doesn’t have any prepared final wishes planner about his or her assets, the court will identify the heirs. If there are no heirs, all your hard-earned retirement plan and assets will go to the state.
The standard estate planning documents, such as the health care proxy, also known as an advance medical directive and financial power of attorney, should take precedence for people who are not married.
Here are some basic factors to consider in estate planning for singles:
- Create a will
Without a will, your inheritance will be distributed by a court-appointed administrator according to state intestate succession laws, which are based on the next of kin hierarchy. You may consider availing of an estate planning storage in Chicago, Illinois.
- Identify donations to charity and building your legacy
The simplest method is to donate through your will, which you may do by designating the charity or organization as the beneficiary of your will in the same manner that you would a person.
- Make sure to update your plan as needed
You should update your will to reflect any changes, such as the fact that you’re no longer single or that you want to name a different beneficiary. Just be careful to dispose of the outdated version, so there is no ambiguity or question as to which is the more recent version.
For your needs about a digital storage vault in Illinois, you may contact Life Snapshot®, Inc.
