Estate Planning for Single Person: What to KnowJune 11, 2021
Estate planning is the process of planning for the management and disposal of one’s estate—both assets and liabilities—upon death. Single individuals often believe that since they do not have any children to pass possessions down to, they do not need to do much estate planning, if at all. Unfortunately, this is not the case.
No matter your family situation, age, asset or income level, it is important to carry out estate planning for single people well in advance. An estate plan can help you avoid probate, reduce death taxes and other complications, and protect your assets for your beneficiaries.
What Is Estate Planning and Why Should I Know about It?
Estate planning is the process where you, as the owner of your assets, make arrangements for the disposal and transfer of any earthly possessions to loved ones or any other people or organizations you choose.
Upon your death or incapacity, your estate plan can ensure that your assets, properties and financial obligations are handled per your wishes. Even if you are single and without a partner or children, you have the right to transfer your properties to siblings, parents, other family members, friends, charitable organizations and foundations.
What Are the Other Things I Should Know about When It Comes to Estate Planning?
There are a couple of crucial details that you should know about when it comes to estate planning for single people. Some of these details may involve other people, while some may require necessary paperwork.
Steps you can take now to will help you or your loved ones avoid future hassles:
Make a Will and Assign Someone Trustworthy to Execute It
After your death, someone will need to execute your will. Choose someone trustworthy. An executor can be a friend, a sibling, or even an attorney who can readily set your plans in place once you are gone. If you would like to ease the burden on your loved ones, estate attorneys can assist you with this step of the process.
Do Not Forget about Estate Taxes
Such is life that even beyond the grave, your estate is subject to tax. This means that your beneficiaries may not receive the full sum you intended. If you have a significant estate, it is worth considering charitable planning to help you minimize tax expenses.
Remember to Update Your Estate Planning and Will as Necessary
Major life changes may have an impact on your estate planning. What may have been your best friend from birth may become someone you barely recognize. Perhaps you were married, but are now divorced and do not wish for your estate to go to your ex. Update your will to reflect these changes and leave behind a final “Thanks!” to the people that matter most to you.
Estate Planning for Single Person: What’s Next?
Estate planning for single people can be a sensitive topic. Understandably, something that involves death is never easy to discuss. A single life free of partners or children is still one full of meaning, and you can leave something behind for those you choose—but only if you make the appropriate plans in advance.
If you are looking for a trustworthy wills and estates lawyer in Pennsylvania, look no further than Daley Zucker. We are an experienced group of attorneys specializing in family law and estate planning, business and agricultural law. Give us a call today. We have locations to serve clients in both Lemoyne and Harrisburg, PA