Estate planning is something that is relevant to all self-supporting adults. While it is true that married couples who have children may be more concerned about the future than single individuals, unmarried people should take estate planning seriously as well.
Some single people feel as though they have less to be concerned about because no one is relying on them. But at the same time, single individuals are going to age like anyone else and they are going to accumulate personal property just like people who are married.
Arranging for the eventual distribution of your property in accordance with your wishes is simply one of the basic responsibilities that you must take care of as a self-supporting adult. One way of doing this would be to execute a last will, but you also may want to consider the benefits of a revocable living trust.
One of the good things about a living trust is the fact that you can include an incapacity component by naming a disability trustee. If you were to become incapacitated at some point in time this trustee would manage your affairs in accordance with your wishes as stated in the trust agreement.
Another basic estate planning document that single people should have in place is a living will. This type of will is utilized to express your preferences regarding the use of life support measures to prolong your life even if there was no hope of recovery.
If you consider the matter objectively you can see that it is indeed important for single people to execute the appropriate estate planning documents. If you are not sure about where to begin the logical first step would be to set up a consultation with a licensed and experienced Indianapolis estate planning lawyer.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.