Estate Planning for Singles in California

Staying single into your 30s, 40s, and beyond is becoming more and more common. While some people think wills, trusts, and power of attorney documents are only for wealthy married people, the reality is that estate planning for singles in California is important for everyone. Taking important steps with the help of an estate planning lawyer can help you better manage your personal, financial, and health care decisions.

Why Estate Planning Matters for Singles

Knowing where your estate will go after your death is probably important to you, whether you are single or married. Without estate planning, the courts will make those decisions for you.

Estate planning is beneficial to single and married people, as well as those with or without children. The documents and contracts ensure that your wishes are respected and that your legacy is protected. The size of your estate is not what matters.

California’s probate courts prioritize spouses and next-of-kin when settling estates. Without those individuals who are not available, the courts will have difficulty determining who inherits your estate. Estate planning can also clarify who is authorized to make decisions on your behalf if you become incapacitated. Unexpected medical emergencies happened to both married and unmarried men and women.

What Goes Into Estate Planning

A comprehensive estate plan will be tailored to each individual’s unique needs, but certain documents are commonly found in most estate plans. These include:

• Will: A last will and testament lists your wishes for asset distribution, names an executor to handle your estate, and can name a guardian for minor children. The executor inventories the estate, pays creditors, and distributes assets. Wills can be part of basic or comprehensive estate plans.
• Trusts: Estate planning often includes the formation of trusts that can be irrevocable or revocable. Revocable trusts are far more flexible tools. Creating a trust prevents the listed asset or property from having to go through the probate process. Instead, the assets pass to the trustee you named. The designated trustee maintains the trust and distributes the assets according to your wishes.
• Powers of attorney: Powers of attorney designate a person to handle your legal or financial matters. The agent has the power to collect mail, pay debts, and make certain decisions on your behalf.
• These powers are only granted when the grantee is incapacitated and unable to make decisions. This could be due to an accident, medical emergency, or end-of-life care. Having this authority in place can make unexpected and difficult moments easier for your friends and family to navigate.
• Living Will: Advance healthcare directives include a living will and a medical power of attorney. A living will outlines your wishes for care if you are unable to decide, and it specifies facilities, procedures, and end-of-life care. The medical power of attorney authorizes someone to make decisions for you within your living will’s guidelines. HIPAA authorization allows specific individuals access to your healthcare information.

Special Considerations for Single People

If you are single and do not have children, you may be wondering how inheritance works after your death. Many people choose not to have children or are unable to. The process of choosing a beneficiary works basically the same for people with or without children. With the help of an estate planning lawyer, you can designate beneficiaries to your estate since you technically may not have heirs who would automatically inherit your estate.

Your estate planning lawyer can help you decide who these people could be. They could be any person who played an important role in your life or a distant niece or nephew. Many people find value in donating part of their estate to a worthy charity. If you are advanced in years and have a beloved pet, you can set aside funds for their welfare after you pass.

Q: Who Should I Make My Beneficiary if I’m Single?

A: You can make any person or group a beneficiary if you are single. If the beneficiary is a minor, your estate planning attorney can set up a trust that disburses funds when they reach a certain age. Or the trust can be limited to paying for tuition or other narrowly defined purposes. You can also list charities as beneficiaries.

Q: What Is the Best Trust for a Single Person?

A: The best trust for a single person is the one recommended by your estate planning lawyer. Your attorney is well-suited to understand your goals and needs. They may recommend a popular type of trust known as a revocable living trust. A California revocable living trust lets you transfer assets into a trust during your lifetime, which you can change or revoke while competent. Managed by a trustee, it controls assets for the named beneficiaries.

Q: How Much Does Estate Planning Cost in California?

A: Estate planning attorneys set fees based on their years of experience and other factors. The cost for an individual client will depend on the time and resources that are needed to prepare and execute the necessary paperwork and documents for the estate. Once the bulk of the estate planning is complete, revisiting the estate plan usually requires minor changes and updates.

Q: What Are the Disadvantages of a Living Trust in California?

A: Assets in a living trust are not protected from creditors and legal judgments. Although living trusts have many benefits, this is one possible disadvantage. Living trusts also require that you find a trustworthy trustee who can fulfill their trust-related obligations when needed. Still, many people find that a living trust is an effective tool for managing parts of an estate.

Schedule Your Estate Planning Consultation Today

Whether you’ve been single your whole life or are newly single, estate planning can be a valuable tool for guiding your future. With the help of an estate planning attorney, you can take control of your future and determine how your estate will be divided after your death or how you will receive medical treatments in the event that you are incapacitated.

With well over four decades of experience helping single clients plan for the future, Robert G. Petrovich, Attorney at Law, can help you draft wills, powers of attorney, trusts, and other vital legal documents and contracts. Take the first step by contacting our office today.