Not everyone is in a marriage with two or three kids. Residents of San Diego and other areas of California may want to learn more about estate planning when it comes to those who are single. Certain documents may be a priority when or if the single person is unable to make decisions or attend to financial matters.
According to experts, an advance medical directive and a financial power of attorney may be a need. Having people who will follow your instructions is important. You may also want to specify who can visit you in the hospital, as some facilities have restrictions in that regard.
Do you need long-term care plans?
Long-term care insurance may be more important to the single person. There may not be family members who can make decisions or navigate the long-term care options.
When there are no children
The disposition of the inheritance may depend on the state in which the relative lives. A revocable living trust may be a good repository for most of the assets. This helps avoid probate. One should also prepare a will.
Transfer ownership of property to the revocable trust
You may transfer the following to this trust.
- Title of your home
- Financial accounts
- Other property
Remember to also choose a a successor trustee when there is not an adult child or spouse to fulfill this role.
You should choose your executor of the estate
Discuss this with the person, to ensure that a stranger does not bring the estate to probate. You never know who might receive appointment, so having someone you trust is important.
With the unmarried population increasing, there are unique challenges appearing in estate planning. A single person may have needs that are different from those who are in a marriage.