Living the Bachelor Life—Estate Planning for Single People
Many people wonder if they even need Estate Planning on Long Island if they don’t have a spouse or kids. Let us give you a clear, unequivocal answer: yes, you do.
Regardless of your family situation and circumstances, you should make a comprehensive estate plan. You need to decide two factors—who will receive your estate when you pass, and who will take care of you in circumstances where you cannot do it yourself.
It may sound morbid, but you have to watch out and plan for your affairs one day or another. And it’s best to get it out of the way now, because you never know about tomorrow. If you are a single person in need of legal advice, we can help. Here is some valuable information for estate planning on Long Island.
Does a Single Person Need an Estate Plan?If you are an individual with any personal assets, it is always a good idea to have an estate plan. You will have to decide what happens to your possessions when you pass away and who makes decisions about your body.Let’s say, you don’t relay your preferences, the state then has the right to make the decision for you. Each state has its own set of intestacy laws that deal with the default estate plan of an individual.
If you don’t let them know of your wishes and will, they will follow standard procedures on your estate. This is why there should be an emphasis on estate planning for single people.
What Will Happen to My Possessions?
If you don’t plan your estate during the course of your life, the law passes on your property to your next of kin. This usually means your spouse and kids. But, if you are single, your assets will be transferred to your parents.
The thing about the legal system is that it doesn’t know you personally. It won’t know or care that you are dedicated to a certain charity, are not on good terms with your family (for good reason), or that maybe you would like to finance your godson’s education.
You want to make sure you estate is managed according to your wishes. For that, you must draft a will. When there a legal document available detailing your final will, there will be no need for the state to step in and make decisions on your behalf.
Planning for Your Future Health
The second part of estate planning is making decisions about your future self. In the unfortunate situation that you are incapacitated, have you thought of who would make the major choices in connection with your health? We understand that it may be uncomfortable to think about. This is the very reason most people delay estate planning on Long Island or avoid it altogether!
The earlier you accept your mortality, the better you will be able to understand why an estate plan is the best way to go. Single or not, you have loved ones in your life and they should be the ones making life and death choices for you—whether they are family or friends.
If you haven’t planned your estate, difficult health decisions may become even harder to make. No matter what your wishes are, doctors and health providers cannot accept your mother’s decisions about future medical procedures. The hospital will need a legally viable document proving her authority.
Hiring an Attorney
Some people may prefer to write a will or testament, but that doesn’t cover everything including an estate plan. You don’t only need to plan who will get the things that you own; you need a comprehensive arrangement that doesn’t leave any questions unanswered.
Estate planning goes beyond just a will by further outlining your decisions concerning your health, finances, and more, all while you are still breathing.
An estate lawyer can prevent disputes between family members and avert a full-blown property battle – given that you choose a competent estate planning attorney in Long Island.
Keeping the Estate Plan Up to Date
Creating an estate plan is not a onetime thing. People who try to do it themselves often end up in a mess because they aren’t aware of the basics. Do yourself a favor and hire a professional estate planning attorney who can not only design a holistic plan but also keep it up-to-date as per your ever-changing wishes.
If you are still confused about where to start your estate planning on Long Island, look up specialized attorneys to help. Remember, estate planning is about protecting the future of those that you love, so one day they can cater to you.