Americas singles population has been growing lately and a majority of the U.S. population that is over 15 is single. There are certain important steps that single people need to take in regards to estate planning. When a single person dies intestate State law determines how their assets are distributed. It is extremely important for clients to have a Will if they want their intentions for how they want their property distributed carried out. Finding a trustworthy person to designate with the power of attorney is also crucial. Clients should also be proactive about making sure insurance, IRA, and any other retirement accounts have clearly named beneficiaries. Make sure to also have any desired health care directives put in writing. Single clients should speak with an estate planning attorney about coming up with an individualized estate plan that will accommodate their needs.
See Shoshanna Delventhal, Estate Planning for Single Individuals, Investopedia, October 6, 2015.
