Few would find any downside to effective estate planning since the process could make handling an estate easier for surviving relatives. One mistake Florida residents involves assuming that single persons don’t need to perform these tasks. Unmarried residents could review the “big picture” of estate planning and discover numerous benefits to the process. And those benefits don’t always involve the distribution of assets.
Estate planning for a single person
While asset distribution might not be a top priority for an unmarried person who has no children, writing a will that details such distributions could still be worthwhile. The individual may own a great deal of property, and leaving the distribution to Florida’s intestate laws might not be helpful to survivors. Writing a will may be a step both single and married persons should take seriously.
That said, there’s more to estate planning than drawing a will. Many financial and asset-related responsibilities could prove challenging during a person’s lifetime. A single person may need some assistance, and naming an agent under a power of attorney may be best. Perhaps there’s a relative who could serve financial duties faithfully and pay bills, file taxes, deal with various institutions, and handle other tasks.
The health care component of estate planning
Estate planning may involve far more than financial matters. Medical issues could arise unexpectedly, including ones that leave a person mentally and physically incapacitated. A health care proxy hands over decisions about these matters to another person. Like a financial power of attorney, the planner could choose a responsible person for the job.
A living will stands as another option for the estate planner. With a living will, someone stipulates his or her end of life decisions in advance, such as implementing a “do not resuscitate” order. A living will may take some burdens off relatives when a catastrophe strikes.
Estate planning involves numerous responsibilities. Unmarried persons might find the process both helpful and necessary.