
There are many common misconceptions out there regarding who needs to create an estate plan. Some believe this is only for those who are older, while others assume only those with children need to have a plan in place for their passing. However, these are both untrue. In reality, everyone over 18 should consider creating a plan, regardless of factors like whether or not you’re married, have children, or believe you have enough assets to warrant creating a plan. If you’re single and unsure why you need to plan your estate or what documents to include, you’ll want to keep reading. You’ll also learn why it’s imperative to connect with Pennsylvania estate planning attorneys for this process.
Do I need an estate plan if I’m not married?
Planning an estate is important for all individuals, regardless of age, marital status, or whether or not they have children. In general, this process allows you to ensure your assets are distributed according to your wishes upon your passing. Failure to create an estate plan means your assets will be left in the hands of the state, who will distribute them according to the Pennsylvania line of intestate succession. Essentially, this means your assets will be passed down based on state law instead of your wishes. This could result in someone inheriting your property whom you did not wish to receive assets.
Whether you are single or in a relationship but not legally married, creating a plan is critical. If you are in a relationship but are not legally married, you may find that creating an estate plan helps ensure your partner is cared for upon your passing, whereas they likely would not be entitled to assets if you passed. If you are single, creating an estate plan is still important, as it allows you to dictate how you would like your assets distributed amongst your loved ones.
What documents do I need to establish in Pennsylvania?
If you are interested in creating an estate plan, understanding the documents you should establish is critical. Generally, the most important thing any person needs is a will. This allows you to dictate exactly how you would like to distribute your assets upon your passing.
You should also consider establishing a healthcare power of attorney. This allows you to name someone to make medical decisions on your behalf in the event you become incapacitated or unable to do so yourself. This ensures your wishes regarding the medical care you receive are honored.
As you can see, there are many things those who are single or unmarried should consider in relation to their estate plans. As such, it’s in your best interest to connect with an experienced attorney who an help ensure your wishes are met. At Friedman Schuman Layser , we understand how complicated these matters can be. That’s why our team is committed to fighting for you. Connect with us today to learn how we can guide you through these times to help you achieve peace of mind for the future.