Although everyone should have a will and an estate plan, it is especially important for single people. In the event of an unexpected crisis, it is imperative to have your information available for someone you trust. Without an estate plan, you have no control over the distribution of your assets. Your assets will go through probate court and will be divided by state law. Single people need an estate plan to be prepared for any eventuality.
Emergencies
If there was an emergency, do you have a contact list someone could use to reach your family or friends? Although we do not like to think about it, accidents happen, and single people need an estate plan to be prepared. You should have a list of all your passwords to your various accounts and computer. One person should be designated to find this list in the case of an emergency. Creating an estate plan that includes this information is the most beneficial way to ensure something is not inadvertently forgotten in a crisis.
Creating a Will or Trust
Single people need an estate plan that has a will or trust in place. This ensures that the beneficiary of your choosing will receive the desired assets. Unlike someone who is married, single people do not have a spouse to handle their assets or manage the distribution of them. It is important to have a will or trust to protect you and to help manage your affairs in the event of your illness, hospitalization, incapacitation, or death.
Planning Checklist
The experienced Maryland estate planning attorneys at Frame & Frame have created a Single Adult Planning Checklist available for free download! The checklist provides you with the top 10 questions and answers for why single people need an estate plan. There are several items to consider regarding your household, your financials, your insurance, and your possessions. Download the free guide here, to learn how to create a plan to protect yourself and your assets.
Estate planning can be a complicated process, especially when you have significant assets that you want to protect. The Maryland Estate Planning Attorney’s at Frame & Frame can help you create an estate plan that will prepare you for the unexpected. Contact us today to schedule a call or consultation!