Estate Planning Essentials For Singles In Tennessee And Virginia

In this article, you can discover…

• Why estate planning matters for singles without dependents.
• How to leave your assets to a non-family member.
• How to use estate planning to ensure your medical wishes are respected.

Are There Any Benefits To Estate Planning For Singles Without Dependents?

When you don’t have dependents, estate planning becomes even more important. Having children makes it much clearer where your assets should go, but having no dependents leaves a lot of guesswork behind. This can cause complications and conflicts for surviving family and friends.

You see, without an estate plan in place, your assets will go from initial State control to immediate family members – but you may wish to leave your money, property, or possessions to a friend or a charitable cause instead. Alternatively, you may wish for your assets to go to particular family members but not to others.

When you write up a clear will or trust, your wishes are spelled out and legally protected. You can also choose to make arrangements for a or an organization that you’ve founded.

As a single woman without children, you can and should also pick the person who you would like to administer your estate; this is crucial in helping avoid family debates after your passing and makes sure that your will is executed by someone you trust.

A knowledgeable estate lawyer can help walk you through all of these steps and make sure that your assets are protected and your wishes honored.

Can I Leave Assets To Someone Outside My Immediate Family?

Yes, you can feel free to : choose any extended family members, friends, persons, animals, organizations, or charities that you like.

One point to note is that attempting to leave your assets to your lawyer can be sticky and uncomfortable. In fact, most attorneys will refuse to be named as your beneficiary, no matter how much you appreciate their skill and help.

How Can I Ensure My Pets Are Cared For When I’m Not Around?

Establishing a trust for a increasingly common. What should this trust include? First, designate a trusted and caring person to look after your pet once you’ve passed. You’ll also want to allocate a stipulated amount of money for your pet’s care.

How much money should you set aside for your pet? Calculate your pet’s monthly expenses and multiply this number by twelve. These are your pet’s yearly expenses. Multiply this annual care dollar amount by the number of maximum remaining years you expect your pet to live. This final quantity should be enough to ensure your pet is comfortable and cared for.

For example, you have a labrador and spend $250 a month on his care. His annual expenses are $3,000. He is five years old and can be expected to live for a maximum of 15 years, meaning he has 10 more years to be provided for. 10 years x $3,000 a year means that your lab can be provided for with a $30,000 trust.

Can I Appoint A Trusted Person To Manage My Financial Affairs If I Become Incapacitated?

Yes, this is something that you should consider doing as a single adult. Estate planning can involve not only stating clearly where your things should go but also designating someone to carry out your wishes if you’re incapacitated.

Who should you choose for this role? Make sure that it’s someone you trust with your wishes and finances, as well as someone who is responsible and stable. This could be a parent or a sibling, a close friend, or anyone else you have confidence in.

What if the initial person you’ve chosen is unable to fulfill that role once an emergency arises or you’ve passed? Allow your attorney to help appoint several other people in succession who could be a trustworthy executor. A good estate lawyer will help you plan for both the immediate and the long term.

Attorney Sam Mansoor is a diligent estate lawyer based in Virginia. With over 10 years of experience helping clients just like you, he’s prepared to help you draft a tailored, comprehensive estate plan that considers your wishes and ensures that they’re protected.

Seeking estate planning help as a single adult? Still have questions? Feel free to reach out to Legacy Law Centers today at (571) 260-0827 for the answers and astute legal guidance that you deserve.

Is Someone Ever Too Young To Be My Executor?

If you’re considering a friend or family member who could serve as an executor, it’s generally unwise to leave that control up to anyone under the age of 30. What if you have a sibling who you trust, but they’re 22? In this case, having a plan of succession is best.

Your lawyer can appoint a grandparent or parent as the executor of your will until your sibling turns 30 or until the initial executor decides that the younger sibling is mature enough to handle the job. This helps ensure that your will is entrusted to someone who is not only a legal adult but also psychologically and emotionally mature enough to carry out your plans faithfully.

If You’re Single, How Can You Use Your Estate Plan To Make Sure That Your Medical Wishes Are Respected?

A medical directive can help ensure that your healthcare wishes are spelled out and carried out. Information about your medical wishes (such as whether or not you want CPR performed or would like your organs donated) can be legally drafted and shared with a wider family circle.

However, executing your wishes in a healthcare crisis should be designated to a single person. This is called the “healthcare power of attorney.”

This can help your loved ones avoid emotional and complex questions such as whether or not to continue life support. Your wishes will be defined legally, and an objective yet trusted medical power of attorney can carry them out when circumstances change.

I Live With Someone But We’re Not Married. Can They Still Serve As My Medical Power Of Attorney?

If you live with a partner but are not married to them, you can still include that person in your medical estate plans. This can allow your domestic partner to receive information about your health in an emergency and could also appoint them to make your healthcare decisions if you’re incapacitated.

Can I Write A Live-In Boyfriend Or Girlfriend Into My Estate Plans?

Yes, that is entirely possible. Many people these days find themselves in long-term, live-in relationships, but they do not officially marry. If this describes you, in the eyes of Virginia law, you would be classed as single. However, it is still possible to include a live-in partner in your estate plans.

How might this work? A knowledgeable attorney may guide you into building a trust-based solution as a legally single person with assets, designating your live-in partner as a beneficiary. This same trust may also name other beneficiaries, either immediately upon your passing or after the passing of your live-in partner.

If you have few assets, a will-based plan may be more suitable, allowing smaller quantities of money or goods to go to a designated beneficiary, such as a niece or a nephew.

Furthermore, you may choose to name a live-in partner as a medical power of attorney rather than designating that role to a sibling, distant family member, or acquaintance.

What Qualities Are Important In Picking The Right Executor For My Estate?

Make sure that the person you appoint to carry out your wishes is trustworthy, emotionally stable, and someone in whom you have a high level of confidence. They should be able to handle the responsibility of executing a will. This person could be a domestic partner, a housemate, a friend you’ve had for years, or an older relative you trust.

For more information on Estate Planning For Singles Without Dependents, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (571) 260-0827 today.