When people fall in love, it’s common to start thinking about the future. However, finding a partner isn’t the only reason you’ll want to begin planning your estate. It’s a common misconception that you must be in a relationship or have children for estate planning to be worthwhile. However, single individuals should consider starting the estate planning process sooner rather than later. The following blog explores why you should contact a Washtenaw County estate planning attorney, regardless of your relationship status.
Do I Really Need an Estate Plan if I’m Single?
Though you may think it’s pointless to create a will or trust fund if you have no long-term partner, spouse, or children, this is far from the truth.
When you pass away without a will, the state will declare your estate intestate. If this occurs, your assets will be distributed according to Michigan’s intestate line of succession. As such, your living parents would receive all your funds if you do not have a spouse or children, followed by siblings and their decedents, any grandparents, and finally, the state of Michigan if no one eligible is living to inherit your estate.
If you pass away without a will, people you may not have spoken to in decades may inherit your hard-earned assets, or the state may step in to take your funds, property, and personal belongings. As such, it’s essential to plan a will to ensure you can give your assets to the people in your life you want to have them.
For example, if you have nieces or nephews, you may want to ensure they receive a large portion of the assets while some close friends receive funds. You can even leave assets to charitable organizations you hold near and dear to your heart.
What Documents Should I Consider Planning?
The most important document you’ll want to consider establishing is a will. This is often considered the most essential estate planning tool, as it outlines what you would like to happen to your estate upon your passing. For example, you may decide to leave your home to your only niece or nephew while leaving half of your funds to help support them while donating the other half to a charitable organization of your choosing.
You can also establish a trust fund, which allows you greater control over the assets inside. For example, if you have many young cousins, you may want to help financially support them. However, because they are young, simply giving them money is not always the best idea. As such, you can establish a trust fund that allows them to receive the assets upon their college graduation or when they turn a certain age.
If you’re single, estate planning is essential. When you’re ready to get started the estate planning attorneys at Collis, Griffor & Hendra are ready to help you explore your options to ensure you have peace of mind for the future. Contact us today to learn more about how we can help you.