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Estate Planning for the Single Person1/19/2020
Estate planning for the single person can be challenging. There are a lot of decisions that must be made and often is the last thing on a single person’s mind. While it may be tempting to ignore it, having a sound estate plan in place reduces stress and anxiety on survivors.
Estate Planning For the Single Person The latest U.S. Census Bureau statistics from 2013 show that there are 105 million single people in this country age 18 and older, 44 percent of the population. Another 24 percent are divorced; 14 percent are widowed. Estate planning for the single person differs from estate planning for married couples. It’s important that singles draw up an estate plan that provides specific instructions on how to manage their affairs.
If a person dies without a will, the laws of intestacy apply. These laws dictate who will receive the decedent’s property upon his or her passing. Single people may not feel as concerned about designating a beneficiary as a person who is looking out for his or her spouse. However, without a will, there can be unintended consequences, such as an estranged parent or other family member being entitled to part or all of a decedent’s estate. Rather than having these unintended consequences, a single person may wish to designate a beneficiary in a will who he or she actually wants to receive the property, such as his or her child, a
beloved family member, a friend or a charity.
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