1st May 2015
A watershed demographic event occurred in the past few years, although without much notice: For the first time in U.S. history, there are more people who are single than married — 124.6 million singles (among 248.2 million people 16 and older) compared with 123.6 million who are married as of last year.
We’ll leave it to the sociologists to figure out what that means demographically. Financially, singletons have their own challenges. Take estate planning. Married people have a spouse who can make medical decisions on their behalf, but single people must plan for medical contingencies. Also singles need to consider who will inherit their assets if and when they die — otherwise the laws of the state will prevail — which makes a living will with advance directives a good idea.
Singles need five key documents for estate planning purposes.
Power of Attorney. This allows someone to act on your behalf if you are unable to do so. This should be someone you trust.
Healthcare Power of Attorney. This allows you to have someone make health care decisions on your behalf if you are not able to.
Revocable Trust. This is a private document which allows assets to pass to a designated beneficiary.
Living Will. This is the document that allows you to make your healthcare wishes known. Also known as the “Pull the Plug Document”.
Will. A will is a public document to state your intentions.
Let us help guide you through this process as Klein & Associates. Contact us today to set up an appointment to discuss your estate planning goals.