Estate planning for single or unmarried adults
You are living carefree, happy, and the future is full of promise. You might believe you do not need an estate plan. If you have not found the one or said I do, a comprehensive estate plan can help protect you and transfer your property to who you choose.
A general Power of Attorney, Medical Power of Attorney, Living Will, and HIPPA release will help protect you if you are incapacitated or just need assistance sometime in the future. These documents will allow the trusted person you named to help with financial matters, sign documents on your behalf, make medical decisions, and provide guidance if end of life decisions are necessary. You can also make clear if you want to be an organ donor.
A Power of Attorney allows your agent (attorney-in-fact) that you named to deal with financial institutions, government agencies, creditors, or work with professional advisors to ensure your financial matters are handled. This could be during a time you are unwell or when you need someone to step in and help with daily matters while you are travelling or unable to handle things on your own at that time.
If you do not have a power of attorney, you will not have anyone to help you or make decisions if you are incapacitated. Parents and siblings will be limited in what they can handle financially on your behalf. Eventually, someone will need to file a court case requesting a guardian be appointed to ensure your best interests are looked after and deal with financial matters.
A Medical Power of Attorney allows your agent (attorney-in-fact) to interact with your medical providers and help make medical decisions. Again, this could be when you are unwell or need someone to help deal with a provider’s office.
A Living Will allows you to express your end of life wishes, so medical providers can follow your directions and not have to wait for a court order or hospital committee to intervene. A Living Will can save loved ones from trying to guess your wishes and avoid arguments at a difficult time.
When it comes to transferring your property, you will want to consider a Last Will & Testament or Revocable Living Trust. These documents let the court or loved ones know who you intended to receive your property. You get to decide if loved ones or a favorite charity will receive property.
If you do not have a Will or Trust, your property will be distributed according to the state of Kansas or Missouri intestacy laws. Instead of leaving your property to chance, your estate plan will ensure your property goes to who you want and not who lawmakers decided
A Last Will & Testament allows you to state who you want your property to go to at the time of your death. You can make specific and general gifts to family and friends. If your property is distributed under your Will, a probate case will be opened with the court to facilitate the transfer of property.
A Revocable Living Trust will allow you to transfer your property outside of probate and can protect you in case of incapacity.
If you are unmarried, but in a relationship estate planning can protect your partner and make sure your loved one is included in medical decisions and can help you with financial matters if needed. Your Will and Trust can make sure your partner receives your property and not unintended recipients. If you do not have a Will or Trust the laws of Kansas or Missouri will decide who your property goes to, and it will not be your partner.