Estate Planning For The Never Married

Close up of man signing documentFor married couples and parents, decisions on who will inherit their assets are usually easy. The surviving spouse and offspring get the money as well as legal and medical authority.

But more and more Americans are in a different position. They arenโ€™t married and have no children.

These people have to spell things out even more than those who are married and who have kids since it is not obvious who gets the stuff and who makes the decisions.

When people do not specify, the state usually makes the decision following rigid genealogical rules of inheritance. It also takes time.

An article in the New York Times says it is better to make a choice even if it is not perfect than to have your money go to distant relatives you may barely know or like.

The first choices as heirs usually are longtime companions, nieces and nephews, siblings, parents and friends.

Older people often choose charities.

Determining how much to give each beneficiary can be a challenge. It may depend on need.

It may also not be a good idea to give legal or medical authority to someone who is going to be a beneficiary, the story says.

If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.

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