Is estate planning for single people really necessary? Yes!
That’s it for today. See you next week.
What? Oh. You’re looking for more. Well, then keep reading, and I’ll tell you why estate planning is important for singles and not just for families.
Why should a single person work with a will and trust attorney in Northwest Iowa? The answer is simple: if you don’t plan, then if you have a medical emergency or pass away, the state will step in and impose its own plan on your body and your assets. Put another way: if you fail to communicate your wishes in advance, what becomes of you and your estate will be entirely up to the state of Iowa.
Don’t Worry. The Government has a Plan for You!
Imagine that for a moment. If you were to have a medical emergency and be unable to speak up, who would tell the doctors what treatment you want? Hopefully, that person would be one of your parents or siblings, because it’s pretty likely that they are who the courts would appoint on your behalf. If the best choice would really be a good friend, other family member, or possibly a significant other to whom you’re not legally married, the courts won’t care. They will stick to the predetermined law, and that law will look at bloodline relatives first.
This is also the case with your finances. If you are unable to take care of your own finances for any reason, the courts will likely appoint the closest blood relative to step in. It doesn’t matter if you don’t want your family in your private financial affairs or not. They will have access to your money and will be put in charge of managing it, paying your bills, etc. Think about how your oldest sibling manages his or her money. Would you be comfortable with that person being responsible for yours?
Along the same lines, should you pass away without an estate plan, your assets will automatically go through the Northwest Iowa probate process. Again, the courts will step in and determine who is to inherit your property and money; and you will have absolutely no say in the matter. How excited would you (or they) be for Mom and Dad to inherit your laptop? Should your hyper-allergic sister really inherit your three cats?
It’s Not the Size of Your Estate. It’s What You (Want to) Do With It.
None of these scenarios is even a little bit exaggerated. This is exactly what happens when a single person in Northwest Iowa chooses not to work with an estate planning attorney. And remember, it’s not just about having a lot of assets to leave behind. It’s about making your own decisions regarding your medical care, your possessions, and your finances. Having a small estate now simply means that the planning process will be less complicated!