People who are single often face their own set of issues when estate planning. If a single person dies intestate then their property will be distributed in accordance to the laws of that person’s state. It is usually just as important for a single person to have a will as it is for a married couple. A person making a will should put some thought into who will inherit their personal property. It is a good idea to designate who will have power of attorney to make medical and financial decisions in the event the single person loses capacity. Making sure to plan ahead for possible state and federal estate taxes is also a wise strategy. Any single person who wants to make an estate plan should speak with an Estate Attorney and Financial Planner to get professional advice.
See Douglas Rothermich, Estate Planning For Single People, Forbes, June 18, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
