When most people think about estate planning, they are probably concerned, first and foremost, with the decisions about who will receive their assets upon death. However, although there are certainly millions of California residents who need to address that estate planning issue as a priority, the fact is that there are some people who are not married, have no children or perhaps have no surviving family members at all. But, single people and those without family members should be just as concerned with estate planning as others.
So, how is estate planning different for single people? Well, for starters, there may be more of an emphasis on power of attorney documents, as was mentioned in a recent news article on this subject. A person who does not have a spouse or obvious close family member to step in to make crucial decisions in a time of need will likely have to focus on who, exactly, would make decisions on their behalf.
Whether it is a power of attorney document for financial matters or healthcare concerns, single people need to be sure that they select someone who knows and understands their wishes, and who is willing to serve in the important “decision-maker” role if called upon due to the planner’s incapacity.
Each estate plan is different
Yes, single people will also need to develop other estate planning documents to address assets, debts and other concerns so that their estate plans are truly “comprehensive.” At our law firm, we do our best to help California residents understand their needs and how to consider the best available options. For more information, please visit the estate planning overview section of our law firm’s website.