Estate Planning Tips For Single Individuals
People often start planning their estate in order to ensure that their spouses and children are supported and cared for after they pass away. However, it is just as important for single individuals to draft an estate plan to ensure that their rights are protected and their final wishes are respected. Below, our Daytona Beach estate planning lawyer outlines tips for single individuals who are starting to draft a plan.
Draft a Will
Drafting a will is an important step for all adults, and that includes single individuals. Drafting a will gives you the control over how your estate is distributed upon your death. If you die without a will, the court will divide your estate according to Florida’s intestacy laws. For married individuals, the intestacy laws often align with their own wishes, as property is mainly distributed to their spouse and children.
As a single individual, you may have specific people or organizations you want to inherit your estate. There is a bigger risk, though, that state law will not align with your wishes. Drafting a will ensures that your property is distributed according to your wishes.
Durable Power of Attorney
Many people speak with their spouse about legal and financial issues. For example, if someone owns a business they may inform their spouse of what they want to happen to it if they become incapacitated. As a single individual, you may not have had conversations with anyone about how you want your legal and financial matters handled if you are ever unable to manage them yourself.
Drafting a durable power of attorney designates someone to make these decisions on your behalf. They can manage your bank accounts, pay your bills, and more. You can choose someone you trust implicitly and inform them of your wishes so they can carry them out in the event that you are ever unable to due to a sudden accident or illness.
Healthcare Directive
Like a durable power of attorney, a healthcare directive allows you to designate another person to make decisions on your behalf. This person will make medical decisions on your behalf in the event that you ever become incapacitated. Again, this is particularly important for single individuals, as spouses can often make medical decisions for each other.
Final Arrangements
While not the most comfortable topic, it is also a good idea for single individuals to inform their loved ones of the final arrangements they would like. These should not be included in a will, as it is often administered after the funeral has already taken place. However, telling your loved ones and making your own final arrangements can greatly ease their burden during a time that is already difficult.
Our Estate Planning Lawyer in Daytona Beach Can Provide the Advice You Need
Anyone who is about to start planning their estate should always seek advice from a Daytona Beach estate planning lawyer. At Bundza & Rodriguez, our experienced attorney can advise on the legal documents you need and ensure they are executed properly so you and your wishes are protected. Call us now at 386-252-5170 or contact us online to schedule a consultation and to get the legal advice you need.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
