Yes, Young (And Not-So-Young) Singles Actually Do Need Estate Plans

In most cases, married couples can rely on each other, or their adult children, in case of accident or disability.

But if what if you’re single, with no family members close at hand? What would happen if you became disabled or died unexpectedly?

You’ll need people.

First, think about who should be your backup person in case something bad happens to you. Who would you trust to have access to your bank accounts, credit cards, and financial assets if it were necessary to pay for your hospitalization and to pay your bills until you were back on your feet? A parent or sibling living hours away might be able to handle your affairs from a distance, but only if he or she knew the details of your financial life. You might instead prefer to talk with a friend who lives close by about a “you help me and I’ll help you” arrangement. And such arrangements are best handled by a combination of a Living Trust and a Durable Power of Attorney for financial and personal matters.

Second, who would make immediate health care decisions for you if you were incapacitated and couldn’t make them for yourself? You would need to grant that person a Medical Power of Attorney and let him or her know your wishes in detail.

Finally, who would you name as Trustee of your trust and Executor of your Will, to carry out your wishes if you were to suddenly die?

You’ll need a plan.

Life PreserversAnd now that you have such a person in mind, what information should you give him or her now, and what should you possibly withhold until later, about your financial, medical, and personal affairs? Until this information is needed by your Agent, can it be kept safe and away from prying eyes?

The answer is yes, and there’s a logical, step-by-step process that we can go through to make your backup plans. Advising and assisting you about organizing your affairs, drafting the appropriate documents, and helping you work through the people and institutions who could help in case of emergency is my job as an estate and trust attorney. And I’d be happy to help.

Why put if off any longer? If now is not the time to get started, then when? Contact me and I’ll send you information, at no cost and with no obligation, about getting your planning started.