Law Office of Macklin K Everly

Estate planning is often thought of as something for married couples or people with children, but it is equally important for single individuals. Having a solid estate plan in place ensures your assets are distributed as you wish after your death and that your affairs are managed according to your preferences if you become incapacitated.

Here are some key estate planning considerations for single individuals in Ohio:

•  Create a Will

A will allows you to decide how your assets will be distributed after your death. Without one, Ohio’s intestacy laws dictate who inherits, typically favoring close family members. If you don’t have a spouse or children, this could mean your assets go to distant relatives or even revert to the state. A will ensures that your estate is distributed according to your wishes, whether to friends, charities, or others you choose.

•  Establish a Durable Power of Attorney

A durable power of attorney is crucial if you become unable to manage your own financial affairs. This document lets you appoint someone you trust to handle your finances. Without it, the court may appoint a guardian to act on your behalf, which could lead to decisions you wouldn’t have made yourself. You can read more about the different kinds of Power of Attorney here.

•  Set Up a Healthcare Power of Attorney and a Living Will

These documents allow you to designate someone to make medical decisions on your behalf when you become incapacitated and outline your preferences for life-sustaining treatments. Since there may not be an automatic next-of-kin for single individuals, these directives ensure that your healthcare wishes are respected and managed by someone you trust. You can learn more about living wills here.

•  Designate Beneficiaries

Keep your beneficiary designations on accounts such as retirement plans and life insurance up to date. These designations often override what’s in your will, so it’s important that they reflect your current preferences. For single individuals, ensuring that the right people or organizations are named as beneficiaries helps avoid confusion or disputes after your death.

•  Consider a Trust

A revocable living trust can give you greater control over the distribution of your assets and help avoid probate, offering a private and efficient way to manage your estate. For single individuals, this can be an effective tool to ensure that their assets are handled according to their specific wishes and without subjecting their assets to the public eye.

•  Plan for Pets or Special Interests

If you have pets or charitable interests, you can include provisions in your estate plan to care for them. Without specific instructions, these aspects of your life may be left unaddressed. Including plans for these considerations can give you peace of mind that everything important to you is taken care of.

Estate planning for single individuals is crucial to ensure your wishes are followed and your assets are protected. Even without a spouse or children, there are many ways to structure an estate plan that aligns with your wishes.

If you’re ready to begin or update your estate plan, schedule a virtual consultation with me today to discuss your options and create a personalized estate plan that fits your needs.