When you are a child, you probably asked your parents a lot of questions. You may have become impatient when you heard this this answer: “It all depends.” However, this may often be the answer to many questions about estate planning.
Estate Planning and Single Adults: Dying Intestate
What happens to your property if you are single when you pass away? Like I hinted above, the answer is that it all depends.
If you did nothing to prepare for your passing from an estate planning perspective, the state would step in. Your intestate estate would be subject to the probate process.
The probate court would evaluate the situation. Circumstances surrounding your estate would dictate how the probate process would unfold.
Recently a multimillionaire passed away in New York without leaving behind a will. He did not have any living relatives. Under escheat rules, the State of New York may wind up inheriting his multi-million dollar estate!
If you do have blood relatives still alive, the probate court would determine your rightful heirs according to intestate succession laws. This could cause people that you love to be disinherited under these laws, while distant relatives that you never met could receive a surprise inheritance.
Instead of leaving everything to chance and allowing the government to decide who should receive your life savings, those who are single should be proactive about their own estate planning and prepare for the inevitable. Your property will be distributed in accordance with your wishes after you die if you execute the appropriate estate planning documents.
A last will is something that is commonly utilized, but many people prefer the added benefits and flexibility of a trust once they understand all of the details.
There is really no reason to die intestate. Most people would like to arrange for the distribution of their property in a way that demonstrates the affection that they have for the people in their lives. You can make sure that your loved ones know that you care by taking the correct steps in advance.
Some young adults are cavalier about estate planning. They don’t give it much thought because they feel that they are young and have plenty of time to plan later. There is even a notion that estate planning is for senior citizens.
The average life span is around 78 years. This does not mean that you can wait until you are 75 to plan your estate.
People die unexpectedly before their time each and every day. Many of them have spouses and dependent children relying on them.
There is really no excuse for failing to plan ahead for something that is going to happen to each and every one of us. As long as you are a self-supporting, responsible adult, you are not too young to plan your estate.
If you fail to put an estate plan in place you are taking a risk, but you won’t be around to suffer any negative consequences that may come about. Your loved ones will be the ones paying the price for your negligence.