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Being Single and Estate Planning

Estate Planning Lawyer NJ

Some assume that estate planning is for married couples. This can be the assumption because married couples rely on each other and need to make contingency plans for the care of minor children if something happens to one or both. 

However, if you are single that doesn’t mean that establishing an estate plan won’t benefit you. While you might not need to provide protection for another person, you will need to focus on your protection and put a plan in place for allowing someone else to make financial and medical decisions on your behalf. 

You might even need to spend some time determining what will happen to any of your assets if you were to die since there won’t be a clear set of beneficiaries like a spouse or any children. If you are single, it would be wise to put in place a power of attorney and a health care proxy. 

A power of attorney will be able to take care of your financial affairs if you become incapacitated. Without documents that indicated a power attorney, a court will have to appoint someone to handle important financial decisions for you. Having to wait for the court to appoint someone could delay access to your bank and investment accounts and could result in overdue bills.

A health care proxy is a person who is designated to act on your behalf to make medical decisions. This includes what types of interventions you agree to if you are not able to communicate your medical wishes. The necessary documents have to be placed for someone to help medical personnel to carry out your wishes. If you are single and if you don’t have an immediate family then you can choose to have a friend to be your health care proxy. 

An estate plan will help you identify your heirs. A will is crucial for anyone who doesn’t have immediate heirs. Working with an estate planning lawyer could help you construct a will to determine who will receive your estate and assets when you pass. Designating beneficiaries to your life insurance, retirement, and bank accounts will establish your wishes. 

If you would like to explore more information, reach out to an estate planning lawyer in NJ from a law firm like Klenk Law. They will be able to answer any of your questions and concerns about estate planning. 

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