With the single population in the United States growing from about one-third of the total population in 1970 to almost one-half of the population today, many more people are affected. So whether you’ve always been single or you’re newly single, here are some things to consider in your estate plan.
As a result, a single decedent’s solely owned assets may wind up in places they did not want or intend.
The same general advice applies to many other questions such as:
Therefore, it’s best to clearly specify your intentions in a written Last Will &Testament.
It’s probably safe to say that you do not want these decisions made by a distant relative or a stranger appointed by the state.
Furthermore, if you are divorced or widowed, it’s vital to make certain beneficiary designations on your insurance as well as ensure all accounts are updated to show information is in accordance with your current wishes.
So whether you’re newly single or always have been, understand the special circumstances that apply to you. You should consult an experienced estate-planning advisor.
Mr. Abraham is an experienced attorney and founding member of the Law Firm of Abraham & Bauer. The Towson, MD office of the firm concentrates its practice in Estate Planning, Elder Law, Probate, Medical Assistance (Medicaid), Guardianship, Asset Preservation and Fiduciary Representation.
He is an active member in a number of professional organizations that focus on law, the senior community, and estate planning. He works with clients in Central Maryland, especially in Towson, Hunt Valley, Lutherville/Timonium, Parkville, White Marsh, Bel Air & Northern Baltimore City.
Schedule a consultation to help you and your loved ones.