Estate planning is sometimes viewed as something you need after getting married, having children, buying a home, or accumulating substantial wealth. If you are single, particularly if you do not have children, you may assume that there is little reason to create an estate plan because you do not have a spouse or immediate dependents to protect. Being single, however, can make certain estate planning decisions even more important because you do not have a spouse who may otherwise be the natural choice to manage financial matters, make healthcare decisions, or inherit property. Single people also represent a diverse group. You may be young and expect to marry in the future, divorced or widowed, a single parent, in a committed but unmarried relationship, or someone who simply intends to remain single. Your estate planning priorities will depend on your circumstances, but your marital status does not eliminate the need for planning. A comprehensive Indiana estate plan allows you to decide what happens to your property, who will manage your affairs if you become incapacitated, who should make healthcare decisions for you, and how people or organizations that matter to you should benefit after your death. Without that planning, Indiana law may supply answers that bear little resemblance to what you would have chosen. With that in mind, the Indianapolis lawyers at Frank & Kraft discuss estate planning for single people in Indiana.
Estate Planning Is About More Than Who Inherits Your Property
A Last Will and Testament is an important component of many estate plans, but deciding who receives your property after death is only one objective. Your estate plan should also prepare for the possibility that you become incapacitated. Imagine that you are seriously injured in an automobile accident and remain unable to manage your affairs for several months. Someone may need to pay your mortgage, manage investments, communicate with insurance companies, address tax matters, maintain real estate, and handle other financial responsibilities. Healthcare decisions may also need to be made when you cannot communicate your wishes. Married individuals frequently appoint their spouses to these roles. When you are single, there may be no obvious person who automatically comes to mind. Consequently, it is especially important to deliberately identify the people you trust and give them appropriate legal authority before assistance becomes necessary.
A Last Will and Testament Lets You Control Who Inherits
A Last Will and Testament allows you to determine who should receive probate assets after your death. You can leave property to relatives, close friends, charitable organizations, or other beneficiaries you select. You can also nominate an Executor to administer your estate. Without a valid Will or another method of transferring property, assets subject to probate will be distributed according to Indiana intestate succession laws. Those laws are based largely on family relationships. They cannot know that you have been estranged from one relative for 20 years or that your closest friend has been part of your life since childhood. Likewise, intestacy laws cannot decide whether you would rather leave part of your estate to an animal rescue organization, university, religious institution, or another charitable organization. This issue can be especially important if you are unmarried and have no children. You may have developed a family of close friends and other people who play a far greater role in your life than distant relatives. Unless your estate plan says otherwise, those relationships may not translate into inheritance rights.
Beneficiary Designations Require Equal Attention
Your Will does not necessarily control everything you own because many valuable assets transfer according to beneficiary designations. Life insurance policies, retirement accounts, and certain financial accounts may allow you to name beneficiaries who receive the property directly upon your death. These designations can override contrary provisions in your Will. For example, suppose your Will leaves your entire estate equally to your two siblings. Years earlier, though, you named a former romantic partner as the beneficiary of a life insurance policy and never changed the designation. Simply signing a new Will may not alter who receives those insurance proceeds. This is why beneficiary designations should be reviewed as part of your overall estate planning process rather than treated as unrelated financial paperwork.
Incapacity Planning Is Particularly Important When You Are Single
The possibility of incapacity is one of the strongest reasons for a single adult to create an estate plan. If you are married, your spouse may be the person you naturally want to handle financial or healthcare matters during incapacity. A single person needs to affirmatively consider who should fill those roles. The appropriate person may be a sibling, adult child, parent, close friend, or another trusted individual. You may choose different people for different responsibilities. Without proper planning, however, someone may need to seek court authority to manage matters that you could have addressed privately in advance. The individual ultimately given authority may not be the person you would have chosen.
Creating a Durable Power of Attorney
A Power of Attorney allows you to appoint an Agent to handle financial and legal matters on your behalf within the authority granted by the document. For incapacity planning, durability is especially important because a Durable Power of Attorney is intended to remain effective despite your subsequent incapacity. Depending on how the document is drafted, your Agent may be able to handle matters involving banking, real estate, taxes, insurance, investments, government benefits, business interests, and other financial concerns.
Decide Who Should Make Healthcare Decisions for You
Financial incapacity planning addresses only part of the problem. Your estate plan should also establish who should make healthcare decisions if you cannot communicate or make those decisions yourself. You may have strong preferences regarding who should communicate with doctors, evaluate treatment options, and advocate for your wishes. Unless you document those choices appropriately, the person involved in your medical decision-making may not be the individual you would have selected. Indiana advance directives allow you to appoint an appropriate healthcare representative and provide instructions concerning medical treatment and end-of-life care.
A Revocable Living Trust May Provide Additional Benefits
Depending on your circumstances, a Revocable Living Trust may offer important benefits involving asset management, incapacity planning, privacy, and probate avoidance. When you establish a Revocable Living Trust, you typically serve as the initial Trustee and continue controlling trust property while you are capable. You can name a successor Trustee to take over management if you become incapacitated or after your death. This arrangement can be particularly useful for a single person because it establishes a predetermined management structure for assets properly transferred to the trust. After your death, remaining trust assets can be distributed or retained for beneficiaries according to the instructions you established.
Estate Planning Is Especially Important for Single Parents
If you are both single and a parent, your estate plan takes on additional significance because your planning decisions can directly affect your child’s financial security and care. One of the most important functions of your Last Will and Testament is the opportunity to nominate a Guardian for a minor child if one becomes necessary. Although the court ultimately determines whether a proposed Guardian should be appointed, documenting your preference allows the court to consider the person you believe is best suited to care for your child.
Consider a Trust for a Child’s Inheritance
Leaving substantial property outright to a minor child creates practical problems because a young child cannot independently manage an inheritance. A trust allows you to designate a Trustee to manage property for your child according to instructions you establish. The trust might authorize distributions for education, healthcare, housing, support, extracurricular activities, and other needs. You can also determine when and under what circumstances the child eventually receives greater control over the inheritance. You do not necessarily have to require complete distribution when the child reaches age 18 or another relatively young age. Depending on your goals, the trust can continue into adulthood and provide distributions gradually.
Choosing the Trustee is just as important as choosing a Guardian. The Guardian is responsible for caring for the child, while the Trustee controls the inheritance. You may select the same person for both roles, but separating the responsibilities can provide additional oversight and may be preferable in some families.
A Letter of Instruction Can Provide Guidance That Legal Documents Cannot
Unlike your Will or trust, a Letter of Instruction is generally not intended to function as a legally binding estate planning instrument. Instead, it gives you an opportunity to communicate practical and personal information to the people who may care for your child. You might explain your child’s routines, interests, education, important relationships, religious or cultural traditions, and your hopes for the child’s future. You can also provide practical information about doctors, schools, activities, important contacts, and other details someone assuming responsibility for your child may need.
Consider Who Will Care for Your Pets
For many single adults, pets are important family members. Your estate plan should consider what happens to them if you die or become unable to provide care. Simply telling a friend that you want that person to take your dog or cat may not provide an adequate plan. Consider identifying both a preferred caregiver and an alternate. Depending on your circumstances, trust planning may also be appropriate to provide financial support for a pet’s continuing care.
Can We Help You with Estate Planning for Single People in Indiana?
For more information, please join us for an upcoming FREE seminar. If you are single and would like assistance with estate planning in Indiana, contact the experienced Indianapolis estate planning attorneys at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.
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