VIEWS: 11 PAGES: 1 CATEGORY: Legal POSTED ON: 9/19/2012
Most single individuals assume that they do not need estate planning. Just because you do not have children or a partner/spouse does not mean you should not worry about what will become of your estate when you pass away
Singles Need Estate Planning Just as Much as Couples Most single individuals assume that they do not need estate planning. Just because you do not have children or a partner/spouse does not mean you should not worry about what will become of your estate when you pass away. Single individuals have just as many reasons, if not more, for estate planning as do couples. Consider a few of the following reasons why estate planning for single individuals is absolutely critical: Where Will Your Estate Go? If you were to pass away today, who would inherit your property? Without estate planning, a judge will be the deciding factor of who inherits your property, retirement accounts, and any money you have in your bank account. This means that your friends, favorite charities, and any one you would want to be the beneficiary of your things will have no rights to anything from your estate. What Happens if You Become Incapacitated? If a tragedy strikes and you become incapacitated, who will take care of you? Who will oversee your finances? Without estate planning, a judge will decide who will oversee your care and who will be in charge of your finances. This could cause costly courtroom battles, especially if you are unmarried but have a partner who wants to oversee your care. Without estate planning, singles can face the same issues as married couples or those with children. Though you may not have to pick a guardian for minor children, you still need a guardian to oversee your estate and your assets. Experienced estate planning attorneys Brooklyn NY of the Minko Law Office offers estate planning and business planning resources to residents of Brooklyn NY. To learn more about these free resources, please visit www.minkolaw.com/ today.
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