Across the country, it is common for many single adults to believe that establishing an estate plan is not a necessary aspect of their personal finances or affairs. In fact, the opposite is true: creating a thorough and well-planned estate can provide individuals of all financial backgrounds with protection for their assets, legally binding documents that ensure their wishes are met, and invaluable peace of mind.
Whether you are unmarried, separated, widowed, or living without financial responsibility for anyone else, you should consider speaking with an experienced and reliable estate planning lawyer who can answer any questions and provide you with guidance as you establish important documents and paperwork that dictate how your assets are taken care of after you’re gone.
Establishing a Living Will When You Are Single
Setting up a living will is an important responsibility of single adults who hope to ensure that their wishes are met in the event of an emergency. By definition, a living will is a legal document that outlines an individual’s medical wishes if they are incapacitated, unresponsive, unable to communicate, or terminally ill. This document also dictates how long an individual chooses to be on life support and whether or not they want to undergo any life-sustaining medical surgery.
Your living will is different from a last will and testament, which is a legal document that dictates how and when your beneficiaries will receive the assets, titles, or property you left to them after you have passed away. For example, you can gift financial assets to a niece or nephew that will be given to them when they reach a certain age to help pay for their higher education. Estate planning gives you more control over the inheritance that you leave behind rather than having your assets pass to your closest living relative.
Assign Financial and Medical Power of Attorney
The power of attorney is a signed legal document that gives an individual the ability to select another person who can speak on their behalf regarding financial or medical matters if that individual is incapacitated or unable to speak for themselves. Much like a living will, it gives a person the chance to ensure that their medical and financial wishes are met by entrusting another individual to fulfill their requests.
Decide the Future of Your Assets
Single adults make up 31% of the population in the United States. However, this does not mean that single adults do not have any individuals that they are responsible for, particularly adults who are parents or act as caretakers for loved ones. Regardless of marital status, deciding the future of your assets is a vital step in financial planning for all adults.
If you have siblings, cousins, or other family members that you want to leave your assets to, the best way to ensure that they receive your gifts is to create a legal trust. This document allows you to decide how your gifts are used and when, and it is a great way to protect your assets.
Talk with a Trusted Estate Planning Lawyer in Central Florida
For most single adults living in Florida, the process of establishing an estate plan can seem daunting, but working with a qualified and reliable lawyer from Patriot Legal Group will allow you to avoid any potential mistakes, get your questions answered by a legal professional, and have a renewed peace of mind about the future.
Here at Patriot Legal Group, we understand the sensitive nature, and the importance, of securing your assets and ensuring that your wishes are met in the event of an emergency. Our dedicated estate planning lawyers in Central Florida pride themselves on treating each of their clients with the care and attention that they deserve.