A recent post covered estate planning if you do not have children, but what about estate planning for singles? If you do not have a spouse, you still need to have an estate plan. Estate planning for singles is even more important if you have minor children (not discussed here, but very important).
In the state of Florida, if you die without a will, your entire estate will first pass to any lineal descendants or children. If there is no surviving spouse and no lineal descendants, then the estate passes upwards, to your lineal ascendants (parents, grandparents, etc.) and collateral relatives (siblings, nieces, nephews, etc.). First, if your parents are alive, it passes to them. If your parents are not alive, the estate will pass to your brothers and sisters and any of their lineal descendants.
Even if that is what you wish to have happen to your estate, and you therefore think you don’t need a will, you may need some of the other “typical estate planning” documents.
Examples of Documents to Consider
For example, a durable power of attorney will let you appoint someone to manage your financial and personal affairs if you become unable to do so. This is important and you want to select someone who you trust and who would act in a similar fashion to the way you would.
Another important document is a healthcare surrogate. This document allows you to select someone to speak to your medical wishes if you are unable to communicate them yourself. This does not have to be the same person as your power of attorney. However, they should be someone who will respect your wishes regarding medical care and life-support decisions.
This is just the surface of issues that single persons face when estate planning. If you are single and interested in hearing more about what important documents you need in your estate plan and why, contact a local attorney today.