Why Do Single People Need An Estate Plan More Than Married People?

Estate planning lawyers provide help to people in all different kinds of family situations with making plans to protect their future and provide for their loved ones. There are many different types of legal tools that an experienced attorney can help you use in order to create a plan that is most appropriate for your situation. Parman & Easterday can provide you with advice on the tools that are right for you, whether you are single or whether you are married.

Many people assume that it is most important for a married person to create a last will and testament and a comprehensive estate plan since they have a spouse that is counting on them. While it is vital for a person who is married to make an estate plan so they can take steps like making sure they have enough insurance in case they pass away unexpectedly and leave their spouse without enough money to pay the bills, it is also essential for someone who is single to make a plan. In fact, in some ways, it can be even more important for a person who does not have a spouse to make an estate plan.

Why Do Single People Need An Estate Plan

There are a few key reasons why it is so important for single people to have an estate plan. Some of these reasons include the following:

• You need to make a plan to avoid estate tax: Someone who is married can leave assets to his or her spouse to avoid estate tax. Assets can be passed on tax-free to a husband or a wife, no matter the size of the estate. However, if you have a larger estate and wish to leave money or property to someone other than your spouse – which you will need to do if you are not married – you need to make a plan to avoid losing a lot of your wealth to the government.
• You need to specify who should inherit. Intestacy laws will apply to dictate who inherits your money and property after you pass away. If you are married, these laws default to allowing your spouse to inherit some or all of your estate. If you’re not married, intestacy law still makes it possible for assets to be left to close family members, but those family members may not necessarily be the people who you would prefer inherit if given a choice.
• You need to address guardianship issues. When you’re married, if something happens to you, your spouse will likely continue to care for shared pets and shared children. If you are not married however, you may need a plan for who will take care of your pets if something should happen to you. If your child’s other parent is not involved in the child’s life, you may also need a plan for who would take custody of your kids if something happened before you became an adult.
• You need to address incapacity: If something happens to you, there is no spouse to make decisions on your behalf and manage your property and assets. You need to specify who should be in charge of making decisions and managing your affairs when you can no longer act on your own since otherwise one of your family members will be forced to go to court and the judge may be uncertain as to who should be put in charge of managing your affairs.

When you are not married, Parman & Easterday can help you to take the control that you need over end-of-life issues and over what you want your legacy to be. We can help you as your life changes and evolves and work with you to make the plans that are right for you.

Getting Help From Estate Planning Lawyers

Parman & Easterday has extensive experience helping people of all ages, and people with all family situations, to create an estate plan that is right for them. We can work closely with you to understand your goals, discuss your family situation, and make a plan that will accomplish your desired aims.

To find out about the different kinds of estate planning tools that our legal team can help you to use, give us a call today at (405) 843-6100 or contact us online. You can also join us for a free seminar to learn more about the estate planning process and about why you need to make a plan. Contact us now to find out more about the best way for our legal team to help you.