Estate planning is essential for everyone, whether you are married or single, but single people tend to be the ones who are neglected in terms of estate planning advice that you can readily find on the internet. That said, most single people have assets, which they may want to bequeath to various heirs and they will also want to make arrangements for naming appropriate powers of attorney to make decisions for them in the event of incapacitation.
First and foremost, what most single individuals need is a will. This will be the focal point of your estate planning and it will give the the ability to say who will get what when it comes to the dispensation of your estate. If you have children, you will also be able to name guardians of our children, in addition to assigning the executor who will be in charge of probating your estate.
Secondly, you will want to set up a durable power of attorney. This allows you to give a trusted individual the power to make financial and legal decisions about your life in the event that you become incapacitated. Single people will usually want to name a trusted family member or friend for this role.
Thirdly, you will want to create a health care directive that clearly states your medical goals in the event you become incapacitated. A medical power of attorney will also be important for the purpose of designating someone to make medical-related decisions on your behalf.
With proper estate planning, single Florida residents will feel peace of mind knowing that all the details are taken care of in advance, for the day that they will not be able to take care of those details themselves.
Source: Forbes, “Estate planning for single people,” Douglas Rothermich, June 18, 2015
