Many people may assume that only married couples and individuals with children or grandchildren need an estate plan to pass on assets to spouses or descendants. However, single adults may also face important considerations that may require an estate plan. Even single adults have assets and matters that an estate plan can address. An estate plan can ensure a single adult has a trusted family member or friend who can make decisions for them if incapacity prevents them from doing so. Estate planning also ensures that a single adult’s assets pass according to their wishes or goals.
What Having No Spouse or Children Means Under Texas Intestacy Laws
When a person dies without a will, Texas intestate succession laws determine how their property passes. Under intestacy laws, a person with a spouse or children typically leaves those assets to those family members. However, if a single adult has no spouse or children, not having a will means their assets could pass to other family members after their death, such as parents or siblings. As a result, a single adult without an estate plan may inadvertently leave their assets to family members with whom they have estranged relationships.
Who Makes Medical Decisions?
Estate plans can include medical powers of attorney and advance directives that let individuals choose who makes medical decisions for them during incapacity and set certain treatment preferences in writing. However, without a medical power of attorney, no individual automatically has the right to make medical decisions for an incapacitated single adult. Doctors may not know who exactly to turn to for consent for treatment for the incapacitated adult. This situation can lead to confusion for healthcare providers and internal family conflicts about the appropriate medical care for an incapacitated single adult.
Who Can Help Manage Your Affairs?
Similarly, a durable power of attorney lets an individual authorize a trusted loved one or advisor to handle financial and legal affairs if they become incapacitated. While a married individual may have a spouse to manage jointly owned assets, a single adult has no one who can legally manage their finances or affairs without a power of attorney. In the absence of a POA, an incapacitated single adult may need a court-appointed conservator or guardian to handle their affairs.
Choosing Beneficiaries and an Executor
Single adults may have certain financial assets to pass on after their death, such as retirement accounts, pensions, or life insurance benefits. An estate plan may include designating beneficiaries for these assets so they pass to intended loved ones without going through probate.
A will also allows an individual to name an executor to manage their estate after death. Even single adults can benefit from creating a will and naming a trusted loved one or advisor to wind up their estate, including resolving outstanding debts and distributing property and money to designated beneficiaries.
The Importance of Digital Assets and Pets
Single adults may have certain kinds of property that an estate plan can also address. For example, an individual may bequeath ownership or control of digital assets like social media accounts, digital art, creative works, or cryptocurrency holdings. Individuals with pets can also name someone to assume care for their pet or establish a trust for their care.
Contact Our Estate Planning Firm Today
Even if you do not have a spouse or children, you can protect your assets and affairs with tailored estate planning. Contact Guest & Gray for a free consultation with an estate planning lawyer to learn why an estate plan can also benefit single adults.
