I addressed this topic over a year ago and decided it was time to revisit it. Too many believe single people don’t need to bother with wills or an estate plan. I hear this a lot and want to give you three reasons why that thinking is incorrect. Here we go.
REASON #1 – Who Will Speak on Your Behalf?
Within the city limits of Cincinnati, there are, on average, over 1,200 car accidents every month; that’s 40 per day. If you are driving in Cincinnati every day, clearly, there is a chance you could be in an accident. What happens if you are in an accident and are seriously injured?
Even unconscious for some time. First, you clearly can’t make medical decisions for yourself – such as what levels of life support you’d want. Had you taken the initiative to create a trust and estate plan, including medical directives, that kind of situation would have been planned for and handled through proper legal documents that provide clear direction to the medical professionals (Did you know medical privacy laws can be so strict that without these legal documents, not even your parents or siblings could be permitted to make decisions on your
behalf?). An estate plan can also include a power of attorney, so if you cannot manage your financial affairs for a period, the person you selected to do that on your behalf will make sure your bills are paid on time and so forth.
REASON #2 – What if You Die Suddenly?
Maybe your first thought is that you don’t have much in the way of assets. That may be true, but if you don’t have a will, the state of Ohio will step in to decide who inherits based on the relationship. That might be your parents or a sibling. It sure won’t be a close friend who maybe could have benefitted from your used car. It always won’t be your favorite pet rescue that would be forever grateful for a financial boost. In other words, you have relinquished control of where and to whom your belongings will go. And not only that, your loved ones will be saddled with all the hassles of probate, complete with complicated paperwork, requirements, and deadlines. I doubt that is what you would want.
REASON #3 – What if You Die Suddenly AND You Have No Heirs
Many single people, especially when they are younger, have parents who are still alive or siblings. Dying without a will or estate plan is messy in that case. But, if you die intestate (no will) AND are alone in this world, assuming you live in Ohio, you’ve just handed all your worldly goods to them. The state will happily take possession of everything you own; your car, home, and furniture. And if you have pets, unless someone steps in quickly, we don’t have to think about that too much; we know what happens.
Have I convinced you yet? Just being single doesn’t mean you don’t have assets and items of sentimental value.
Being single doesn’t mean you don’t care about others, such as your close friends, charities, or pets.
I hope I’ve given you food for thought and that if you are single, no matter what your “estate” includes, let’s get together to protect you, your assets, and your loved ones with the appropriate legal instruments. Give me a call @ 513-399-7526 or visit my website for more information https://davidlefton.com/estate-planning-for-all-stages/planning-for-divorced-or-single/