ESTATE PLANNING PROBATE NEWSLETTER

Should single people have an Estate Plan?

Just because you aren't married doesn't mean you don't need an estate plan. Who will make financial decisions if you are incapacitated?  Who will make your health care decisions if you are unable to express your desires?  Who will receive the assets of your estate?

The truth is, unmarried individuals have the same issues and concerns as married couples when it comes to estate planning. 

Estate planning for unmarried people can sometimes be more complicated since there is no spouse to serve as a primary beneficiary, first choice trustee or executor, or attorney-in-fact through a power of attorney. 

For higher net worth individuals, estate taxes are also a concern since single people are not entitled to take a marital deduction for estate tax purposes on transfers to a spouse.

If you wish to include your "significant other" in your estate plan, you must have a well-drafted document naming this person in writing as a beneficiary or fiduciary. Most states do not recognize or protect non-relatives or domestic partners if you die without a will. 

If you do marry later, you may need to revise your estate plan.  Some states presume that you intend to provide for your new spouse.  However, if you wish to exclude your spouse from receiving any assets of your estate, you'll need to amend your will or trust and state that you are not providing for your new spouse in your estate plan. Be sure to consult your attorney on whether it is possible to exclude a spouse from your estate plan.

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