Single without children? Estate planning is still important

Nevada singles may not believe that they need to worry about estate planning since they do not have a spouse or children for which to provide if they pass away. Most people own at least some assets, such as a car, a home and other personal property. Without estate planning, the state will determine what happens to those assets.

Some property will pass to a beneficiary by operation of law. For example, the beneficiary designation forms for retirement accounts and life insurance policies indicate who will receive the proceeds from the accounts upon the death of their owners. If any property is owned as joint tenants, it will pass to the surviving tenant. It is important that these designations accurately reflect the individual’s wishes since these transfers will occur regardless of what the will might say.

A will facilitates the transfer of any other property to whomever a person wishes, among other things. For some, a trust may be beneficial. Documents that take care of a person’s affairs after death are not the only ones that a single Nevada resident needs. Powers of attorney for health and finances could prove invaluable to family members in the event of incapacitation.

Without wills, trusts and powers of attorney, family members will be required to obtain permission from the court in order to take care of an individual’s affairs. Estate planning can give the individual and his or her family members the peace of mind that a plan is in place. This can be especially important for someone who is single and does not have any children.

Source: Forbes, “Estate Planning For Single People“, Douglas Rothermich, June 18, 2015