Why Estate Planning Is Important Even When You’re Single
2023-04-21
Posted at 13:51h
in Asset Protection, Estate Planning
People who are single and childless often assume they don’t need estate planning services. While it’s true that estate planning can benefit married couples and people with children, the reality is that estate planning is for everyone. Here’s why estate planning is so important, whether you’re married or single, have kids or don’t.
Six Reasons Why Estate Planning Is Important for the Single Person
1: It Gives You Control Over Your Assets
Creating an estate plan allows you to maintain control over your assets even after your death, ensuring they end up in the right hands at the right time. Without a will or trust, your assets will be distributed to your next of kin according to the laws of intestate succession, which may not reflect your wishes. By creating an estate plan, you can guarantee that your assets are distributed to the beneficiaries that matter most to you.
2: It Provides Protection in the Event of Disability
Estate planning isn’t just about what happens after you pass away. It also involves planning for the possibility of incapacity or disability. By creating an advance directive such as a power of attorney or living will, you can designate someone to make financial and medical decisions on your behalf if you ever become unable to do so yourself.
3: You Can Minimize Taxes and Expenses
Another benefit of estate planning is that it can help minimize the taxes and expenses associated with transferring your assets after your death. With proper planning, you can avoid the costly probate process and eliminate estate taxes, which can save your loved ones or favorite nonprofit both time and money.
4: You Can Make Charitable Gifts
Even if you don’t have any heirs, you can still leave your assets to beneficiaries you care about. If you want to support a particular charity or cause, estate planning can help you make a lasting impact. By including a charitable trust in your estate plan, you can ensure that your legacy continues after your death.
5: You Can Ensure Your Pets Are Cared For
Pets are part of your family, and while you can’t leave money to them, you can still ensure they are properly cared for with estate planning. For instance, you can leave your pet to someone in your will. You can also set up a pet trust, which ensures that the money you leave for pet care is used only for that purpose.
6: It Provides Peace of Mind
Lastly, estate planning can provide you with peace of mind knowing that your wishes will be carried out. When you take the time to create a thorough estate plan, you can rest assured that your loved ones or pets will be cared for and that your legacy will be preserved.
Do I Need a Will If I Am Single?
Yes, you still need a will if you’re single. A will is a legal document that outlines how you want your assets to be distributed after your death. Without a will, your assets will be distributed according to Arizona’s inheritance laws, which may contradict your wishes. A will can also name an executor who will manage your estate and ensure that your wishes are carried out.
Estate Planning Lawyer in Mesa and Chandler
At Phelps LaClair, we firmly believe that estate planning is for everyone. We’ve been helping Arizona households of all sizes with estates big and small create solid estate plans for over 40 years.
Whether you’re single, childless, married, or have children, we’ll work with you to ensure your estate plan covers all of your needs and wishes. Give us a call at 480-892-2488 to schedule a free consultation in Mesa, Chandler, or one of our other convenient locations.
Images used under creative commons license – commercial use (4/21/2023). Photo by Christin Hume on Unsplash
