Estate planning requires deliberate work to make things less complicated for relatives and beneficiaries. A single person with no children might not think estate planning is necessary. Likely, that’s because the person doesn’t understand the complete picture of estate planning and how it works. Ultimately, almost all Florida residents could benefit from a decent estate plan, including singles.
Single individuals and their assets
A single person could have substantial assets, and writing a will allows that individual to give specific assets to chosen beneficiaries. Even someone of modest net worth should undergo this process. Even “modest assets,” such as a small home or boat, have value. So does a 401(k) initiated five years earlier.
In addition, writing a will provides the chance to name a personal representative. The executor could handle many aspects of closing the estate when the single person’s beneficiaries may be older or in poor health.
Some individuals use estate planning to leave something to charity. Single persons with few beneficiaries may prefer to donate portions of their estate to a good cause.
Accepting some realities about estate planning
People concerned about their eventual passing might feel prompted to take part in estate planning. Older individuals often feel this way because younger persons may not worry about their mortality. An unfortunate reality is anyone could pass away at any time for any reason. No matter what someone’s age is, writing a will is a good idea.
Illnesses or accidents might lead to a premature demise. Sometimes, a person could become incapacitated before passing away. Estate planning may include financial and health care power of attorney designations. In particular, a living will and a health care proxy deal with granting medical decision authority to an agent.
Of course, all these documents must comply with state law. If not, the courts may rule them invalid, so it’s important to be thorough when creating an estate plan.