Most people assume that they only need an estate plan when they have a spouse or children. This leaves many single people under the impression that estate planning isn’t necessary or is just a waste of time since their estates are typically less complicated. Nothing could be further from the truth. Estate plans are just as important for single individuals as they are for couples and families. Here are a few tips that your Illinois estate planning attorney wants you to keep in mind as you start your plan.
1. It’s a Good Idea to Start With Your Will
Your will should be the first place you start when creating an estate plan. These documents outline how you want your assets handled and give you a chance to outline your final requests to make sure they’re honored when you pass away. Though you’re single, having a will can take a lot of stress out of your loved ones’ lives by eliminating a lot of the guesswork. They’ll have a clear framework showing who inherits what, your funeral wishes, and any other terms you decide to include.
2. You’ll Want a Guardian for Children and Pets
If you have children or furbabies, you’ll want to make sure they’re cared for if you’re unable to care for them yourself. The best way to do this is by establishing guardians as part of your estate plan. Be sure to choose individuals who are willing to take on the responsibility of caring for your children or pets. This may be a close friend or trusted family member. The goal is to choose someone who will raise your children or care for your pets to your standards. You may also want to name backup guardians in case your first choice isn’t able to take your children or pets if something happens to you.
3. You Can Still Benefit From Powers of Attorney
When you’re married or in a committed relationship, it’s not uncommon for your significant other to fulfill the role of power of attorney (POA) for both your medical needs and financial concerns. POA appoints your chosen representative to make decisions on your behalf if you’re unable to do so yourself.
When you’re single, it’s a good idea to appoint individuals to have power of attorney based on your preferences. This gives you a chance to keep people you may not want involved in the decision-making process from having access to your information.
You’ll want to choose someone you trust to manage your finances and your medical care if you’re unable to on your own. This may be a close friend, your sibling or cousin, your parents, or another person you trust implicitly. Just make sure that they’re willing to take on the responsibility and that they’ll honor your wishes, not their own.
4. Think About Who You Want to Inherit Your Assets
Part of creating an estate plan is figuring out who you want to inherit which parts of your estate. Think about the people you want to leave certain assets to and write that information down. Remember, your estate plan is your chance to leave a legacy, and the people you leave items to should be the ones you’re most comfortable with. Leaving things to chance or not incorporating beneficiaries into your will and estate plan puts the burden of distributing your assets on the state. If this happens, people you may not want to be involved could inherit parts of your estate that you’d rather give to someone else.
Work With an Illinois Estate Planning Attorney
Creating a comprehensive estate plan is the best way to look out for your interests even if you don’t have a spouse or kids. But to make sure your estate plan covers everything you need it to, it’s worth working with an experienced Illinois estate planning attorney. At Legacy & Life Law Firm, we’re here to help. Contact us today to schedule a free consultation.