Just about anyone can benefit from having an estate plan. This includes unmarried people, even if they don’t consider themselves particularly rich or wealthy. If that describes you, you might want to meet with a Washtenaw County wills attorney to discuss your plans. We would love to help you make a plan that protects your assets and your beneficiaries.
Does an Unmarried Person Need a Will?
An unmarried person should have a will because it makes things easier for their families. If someone passes away without a will, it is said that they have died “intestate.” This means that their belongings and assets need to be passed down according to state laws through the probate process.
This can take a while and it can cost a bit of money. At the end of the probate process, your assets could end up somewhere you did not plan to leave them. This is an especially common problem for unmarried people because their partner is unlikely to be a top candidate to receive their assets because of how state laws governing the estates of intestate individuals work.
Does a Will Let an Unmarried Person Choose a Guardian For Their Children?
Setting up a will does not just allow you to choose where your assets end up. If you have children, a will lets you choose who will be their guardian. If you pass away and do not designate a guardian, the courts decide who should take on this responsibility. For unmarried people whose partner and children are not blood-related, taking the time to officially name a guardian can help everyone avoid a lot of confusion and heartbreak.
What Other Estate Planning Steps Should I Take?
An unmarried person should also explore estate planning options like:
Setting up a trust: This could allow you to pass on assets while avoiding the cost of the probate process.
Choosing who gets power of attorney: Designating who gets financial and healthcare power of attorney is an important step of the estate planning process. Whoever has these powers would be able to make financial and medical decisions for you if you are incapacitated.
Writing a living will: Also known as a healthcare directive, this tells your loved ones what your wishes are as far as end-of-life care and medical treatments are concerned. You can tell your family if you would want to be kept alive via life support, for example.
Preparing for estate taxes: If you have significant assets, a lawyer can help you find the best way to reduce how much your estate will owe in taxes.
Schedule Your Consultation
If you want to learn more about your estate planning options and how a will can benefit you as an unmarried person, contact Collis, Griffor & Hendra. We can work with you to find a plan that meets your unique needs and requirements.
