Singles Would Be Wise to Consider a Will

04/07/2017

If you are unmarried and without children, do you need a will? Yes!

There is faulty logic behind the reasoning that unmarried singles without children are not in need of estate planning, according to The New York Times in "Single? No Children? No Will? Big Mistake."

One of the primary reasons why people get estate plans is to make sure that their spouses and children are provided for, after they pass away.

But while taking care of a spouse or children is an important reason motivation for estate planning, it is not the sole motivation.

Probate avoidance may be enough reason to have a comprehensive estate plan.

The article mentions a case where three lawyers were assigned by the probate court to find a deceased person's heirs and to oversee the estate distribution. In the end, the attorneys wasted most of the estate assets on themselves.

Even in cases where there is not outright fraud, money can be wasted in probate. Someone has to track down distant relatives and administer the estate.

That is not cheap.

Never think that you do not need an estate plan.

An estate planning attorney can guide you in creating an estate plan that meets your unique circumstances.

Reference: The New York Times (March 10, 2017) "Single? No Children? No Will? Big Mistake."