Estate Planning Vault

Planning Is Particularly Important for Singles

For married people, it may be easier for one spouse to manage financial and legal affairs upon the death or incapacity of the other spouse. However, for single individuals, planning is paramount to ensuring wishes are followed and avoiding potentially divisive squabbles among family members who may have differing opinions on what the single family member may have wanted.

Regarding property, bank accounts, etc., simply adding a trusted person’s name to titles and accounts may not be the best approach since it opens the door for abuse and theft – especially in the case of an elderly single. A better solution may be to contact a lawyer who can draft appropriate documents limiting and allowing specific authority under certain circumstances.

Related to medical care, should a single person become incapacitated, if he doesn’t select someone to make decisions for him (through a medical power of attorney), the medical community will look to family members to make decisions – even overlooking the wishes of a partner or significant other with whom the single person may have shared his wishes.

In terms of estate planning, once again, desires should be put in writing. Singles should make sure beneficiaries on insurance policies, retirement accounts, bank accounts, etc. coincide with those named in their will. Additionally, if a single person has children, the will should name who should have custody.

In all cases – medical and financial – if an individual doesn’t have appropriate plans documenting his desires, state laws or a court may look to someone he would not choose to make decisions for him.

Source: The Salt Lake Tribune, 11-26-06