Estate Planning For Single Persons

You Have Minor Children

You are single with minor children, so the primary goal of your estate plan is to provide care and financial support for them.  You should appoint a guardian to care for your children if the other parent cannot, or will not, provide for them.  You may also appoint a "trustee" of a trust to manage and protect your assets for the use and benefit of your children until they reach an age that you specify.  There are two types of estate plans that are ideal for your situation:

  • Primary Estate Plan provides all of the documents that you need to protect your children at the lowest cost.  
  • Living Trust Plan allows even more planning options, and probate will not be necessary to administer your estate.  

Learn more about estate planning for minor children.  

You Have Adult Children

You have adult children, so you may simply want to ensure that your children receive your property in equal shares without probate proceedings.  If so, a Probate Avoidance Plan is exactly what you need.  

 

On the other hand, if your goal is to appoint a person to manage your affairs if you become incapacitated, and then distribute your property to your children or other beneficiaries without probate proceedings, then a Living Trust Plan would meet your objectives.  

 

Finally, if you are not concerned about probate costs, and you want to minimize your estate planning fees, then a Primary Estate Plan is a perfect solution to achieve numerous estate planning goals.  

You Have No Children

Since you are single with no children, you have several estate planning options available to you.  First, if you simply want to direct your assets to a limited number of beneficaries, and avoid probate, then you should consider a Probate Avoidance Plan

 

Your second option is use a Living Trust Plan to appoint a trustee to care for you during your lifetime, and then distribute your assets post-death.  A Living Trust Plan also allows for more complex distribution instructions than with a Probate Avoidance Plan

 

Finally, a Primary Estate Plan uses a last will & testament to carry out your estate planning instructions.  This is the lowest cost option to achieve all of your estate planning goals, but probate will be required to administer your estate.  

Please schedule an appointment to discuss your estate planning options.

 

 

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