Estate Planning for Singles
Serving Clients in New York City and the New York Metropolitan Area
According to the most recent U.S. Census, over half of all adult Americans are single. Whether you just turned 18 or are 118 one thing you share with your married counterparts is the need for essential estate planning. U.S. law requires every adult to make his or her own personal, financial and health care decisions. Who would make your basic decisions if you are unable to do so due to a serious injury or illness?
As a single person, you have experienced that your version of “family” can include friends, non-traditional relationships, partners and people who become as close as family. Your plans may need to include and acknowledge these important relationships.
When you fail to name representatives to make legal or health choices for you in a life emergency, or if you become incapacitated, then a court would need to step in to appoint a guardian for you. The court process can be a long and expensive burden for your loved ones. In addition, the court may choose to appoint an unrelated third party to make these decisions for you.
Did you know that after you die, if you do not have an estate plan in place, your assets may be distributed after your death based on state laws and strict family bloodlines? Of course, this very impersonal estate plan written by state lawmakers will not reflect your own unique circumstances and your objectives for your loved ones, your heirs, and your assets.
Fortunately, we can help you avoid this complex inheritance process and replace that impersonal state-written estate plan, called “intestacy”, with one we design together for your unique circumstances and objectives. We can assist you with coordinating the beneficiary designations on your life insurance policy(s) and retirement plans and other assets. Your estate plan will avoid unpleasant and unintended consequences. You can have a unified plan for those you care about, including customized wills, trusts, powers of attorney, and health directives.