If you are not married, you may think that you do not need an estate plan. You might be under the impression that because you do not have a spouse, planning for the future is not as important. But it might surprise you to learn that estate planning is just as important for unmarried people as married ones.
Reasons Unmarried People Need Estate Plans
Unmarried people often have a variety of life situations that affect their need for estate planning. These include:
- Having children from a previous marriage
- Having an ex-wife or ex-husband from a previous marriage
- Living far away from family
- Having no family members who could make medical decisions for them
- Caring for aging parents or relatives
- Having a significant other, partner, or live-in boyfriend/girlfriend
In general, estate planning can help unmarried people figure out what will happen if they cannot make decisions for themselves anymore. It also assists with achieving unmarried people’s goals, such as leaving a partner enough money to pay the bills.
What Are the Basic Parts of a Single Person’s Estate Plan?
If you would like to prepare for the future by making an estate plan, you can expect to discuss and sign a few key documents with a lawyer:
- A will documenting how your assets will be distributed after your death
- An advance directive or living will allowing others to carry out your chosen end-of-life wishes
- Powers of attorney, if needed for someone else to handle your affairs
Those who have children or parents to support, and those who have other concerns with distributing their estates, may need additional or different documents. The best way to get started with your plan is to contact a local estate planning lawyer. He or she can review your assets and your wishes, prepare appropriate documents, and help you update them in the future if needed.
Want to start planning your estate? Local attorney Andrew Szocka, Esq. provides thorough and speedy estate planning help in the Chicagoland area. To schedule a free initial consultation, visit the Law Office of Andrew Szocka, P.C. online or call the office at (815) 455-8430.