It is a common misconception that estate planning is reserved for married couples. Anyone can benefit from having an estate plan, including unmarried couples and single individuals. While there is a stigma attached to estate planning and many consider it only beneficial to the wealthy, estate planning is truly a necessity in ensuring that your assets and finances are organized and protected after death. Take control of your future and your belongings by working with a Hartford County probate attorney to create your estate plan.
What is Estate Planning?
Estate planning is the process of preparing for and arranging what will happen in the event of a person’s death. It touches upon issues of what will happen to the deceased’s assets and property as well as debts and other estate issues.
Everyone should make an estate plan while they are able to in an effort to prepare for the future. It allows you to control what happens to your belongings and who will receive inheritances. Planning what happens to your estate can ensure that your assets are protected, your surviving loved ones are cared for, and your legacy is preserved. An estate plan includes:
- Creating a will
- Naming an executor
- Setting up trusts
- Naming beneficiaries
- Establishing guardians of minor children
- Designating charitable donations
- Outlining funeral arrangements
All of the above are important steps to ensure you are protecting your assets, property, and loved ones even in death.
Do I Still Need an Estate Plan Even if I’m Not Married?
It is highly recommended that you have at least a basic estate plan even if you are single or part of an unmarried couple.
For an unmarried couple or domestic partner, estate planning is crucial. Because you are not married there is no legal tie between the two of you. If one of you were to die without having an estate plan, your other half would not inherit anything from your belongings or assets. The state would decide who receives your belongings. The beneficiaries would likely be your children, parents, or siblings. Your partner would not be on their list.
The same issue applies to a single individual. Without drafting a will and listing beneficiaries or heirs, there is no way to control who receives your estate.
Even as an unmarried person you should establish your heirs and beneficiaries so your belongings will be left to the people you consider most deserving and important to you. Make sure you appoint a trusted person as your executor to give yourself peace of mind that your wishes will be followed exactly as they are written.
A trusted attorney can act as your executor if you wish to name them. Contact a skilled probate lawyer today to begin discussing your estate plan and preparing for the future.
