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Estate Planning for Singles

Nashville Blog 2019 February Estate Planning for Singles
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Estate Planning for Singles

Posted By David Whittaker, Attorney at Law || 12-Feb-2019

I have written many articles over the years offering advice on estate planning, many of which were seemingly directed toward married individuals, though that was not the intention. Estate planning is just as important to the single individual as it is to the married one, but up until now, I haven’t shed light on why.

For the single readers out there, I want you to know that your estate plan is important and because you don’t have a spouse to inherit your assets, it’s perhaps even more important.

About half of the adult population is divorced, widowed, or never married, so that’s a lot of singles. For the single folks, whether they’ve never been married or they’re single all over again, they will have some unique issues in regard to estate planning, starting with heirs, which I explain below.

Singles Dying Intestate

If a single person dies without a will or trust, they are said to have died “intestate.” When this happens, the decedent’s assets are distributed to their closest blood relatives, starting with their children (if any), followed by their parents (if they are still alive), siblings (if any), and if none of the above, to their closest living blood relatives. If the decedent is not survived by any blood relatives, their assets will go to the state instead of to a beloved friend or a favorite charity.

If a married person dies without a will or a trust (intestate), it can work because their assets will be distributed to their spouse and children, but for a single person, it may not be workable at all. If the decedent had a say in the matter, they may say, “No, I don’t want my estate going to my father who left my mother when I was born, or my sister who has been in and out of rehab for decades.”

A lot of my single clients are very involved in social issues and are philanthropically active in one or more non-profit organizations. They often have charitable plans for their money, but if they don’t create an estate plan, all of their charitable efforts will die with them.

Some of the issues that need to be addressed by the single individual is a will and/or a revocable living trust, beneficiary designations, heirs, and decision-makers to handle financial and medical affairs in the event of incapacitation. If you’re reading to make your future plans solid, I’d be honored to assist.

Related: Creating an Estate Plan When You’re Elderly or Ill

Are you single? Contact my Nashville estate planning firm to get started.

Categories: Trusts, Beneficiary Designations, Estate Planning, Intestate Estates, Intestate Succession, Living Trusts

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David Whittaker, Attorney at Law

Call Today: (888) 492-4735

David Whittaker, Attorney at Law - Nashville Probate Attorney
1616 Westgate Circle, Suite 127, Brentwood, TN 37027 View Map
Call Today: (888) 492-4735
(615) 289-6284
Website: http://www.attorneydavidwhittaker.com/
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