Adults who aren’t married and who don’t have any children have some very important decisions to make when it comes to their estate plan. Without having everything in order, their assets will be handed out based on the state’s intestate laws.
You also have to think about how your affairs will be handled if you’re incapacitated. Getting everything together as quickly as possible will give you peace of mind because there won’t be a lot of uncertainty. Since you don’t have a spouse, it’s important for you to outline all these things so the responsibility doesn’t fall squarely on your parents if they’re still living.
Designate your decision-makers
You can name someone to make medical decisions for you if you become incapacitated. You can also name some to handle your financial affairs. You must give them powers of attorney so they can legally do this when you can’t speak up for yourself. Their power would expire if you pass away because the power would then transfer to the person who’s the administrator of your estate.
Give your belongings a home
You need to have a will set up for your assets, but you may also need to establish trusts. The benefit to trusts is that they don’t have to go through the probate process. This provides your loved ones with some privacy since it won’t go through open court. It also enables you to say who is going to get what.
Taking the time to get everything in order is critical. Once this is done, you can discuss the plan’s terms with your loved ones so they know what to expect. They can ask you questions about your wishes and get clarification when necessary. Remember to review the plan periodically after you create it so you can ensure it still reflects your wishes.