Many people begin to think about estate planning when they get married or have children. However, estate planning is also an important step for people who choose to remain single should take. If you’re a California resident who chooses to enjoy the single life, be sure to consider these three components of an effective estate plan.
Some of the most important parts of proper estate planning involve creating plans that you hope to never use. In the event that you become incapacitated, who is going to be responsible for communicating with healthcare professionals on your behalf? You should have a trusted friend or family member who knows your medical wishes as your designated medical power of attorney.
Financial power of attorney
In the event that you suffer a serious medical emergency or an accident that renders you unable to make your own financial decisions, you need to designate someone to complete those tasks for you. If you do not appoint someone as durable power of attorney, your family can petition the court to choose someone to manage your assets. If you don’t want the legal system to choose who makes your financial decisions, you should designate a trusted friend or relative to handle your finances.
Creating a will
One of the most important parts of any estate plan involves disbursing assets after someone dies. The probate process often takes months or even years depending on a number of factors which further facilitate the need for a written, legally binding will. Even if you don’t believe that you have enough assets to warrant a will, you should have a written document that dictates what happens to your belongings after you pass.
Having an estate plan isn’t only important for married couples and people with children. Instead, having a written document containing your wishes is a must for any adult.