Up until now, there are still quite a number of single individuals who mistakenly believe that they do not need estate planning, Escondido, CA. The usual argument you would hear is this: estate planning is for couples because they have spouses who rely on them, and they need to have a contingency plan to ensure that their children are taken care of. While that makes sense to a certain degree, the fact remains that every person needs an estate plan regardless of their marital status.
If you are a single person who wants to craft a comprehensive estate plan, this guide is for you. This blog outlines some important considerations specifically for unmarried individuals – items that should be taken into account in your estate planning, Escondido, CA.
Guardian – If you are a single person with children, you can specify in your will who do you wish to serve as a guardian for your children. Not only that, a guardian can also take care of you in case you become incapacitated.
Advance directive – also known as living will, this is a document wherein you can pre-specify what type of medical treatments you want to undergo in case of serious illness. The document, more often than not, specify the type of end-of-life treatment you want (or do not want) to receive such as CPR, treatment for new conditions, breathing machines, blood transfusions, among others.
Living trust – Another item that you might want to consider is to establish a living trust. With this, you have a more flexible way for how your assets can be treated after your death. It has a significant benefit most especially that it is a tool that can be used to avoid probate. In the first place, probate can be a costly legal process. In case of death, your heir may have to go through this process, which also means they have to pay legal fees. With living trust, your assets can be given to your intended beneficiary without having to go through the process of probate and therefore not be subjected to fees, including the associated tax.