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Why singles need to engage in estate planning

Living the life of a single person may be a fantasy for married parents. While those with children have obvious reasons for tackling estate planning, single people benefit from it as well, maybe even more in some circumstances. Arizona singles may wonder why they should consider this an important task.

Two important planning documents for anyone are a power of attorney and an health care directive with proxy. Singles may find themselves in a vulnerable position if they were to suffer an incapacitating illness or injury. Without trusted individuals selected to handle financial and health care decisions, a court may have to choose an individual to make these vital decisions. 

A last will and testament and a revocable trust are also worth considering. An executor will oversee how the estate is handled, including handling the probate process. If a revocable trust is used instead, then the designated trustee will manage the assets in the manner dictated. One can serve as a trustee during his or her lifetime, then have a successor appointed to oversee the trust upon one's death. In this manner, a significant other can be provided for as well as any other heirs -- including minors whose inheritances can be managed through the trust until they have reached the age stipulated in the trust's directives.

Once a trust is established, it is crucial to fund it as soon as possible. Having it established and properly funded will ensure that one's estate is handled in the manner desired. Though many single people may not worry about estate taxes, careful planning and charitable donations can help reduce these obligations. Though singles may not have the burdens and stress of caring for offspring, no one can live forever. Arizona residents who want to have their final wishes carried out may be best served by consulting with an attorney who can help with estate planning needs.

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