There are many misconceptions surrounding the importance of estate planning. As such, many believe that only older adults, those with children, those who are married, or individuals with considerable assets should have an estate plan in place. Unfortunately, this leaves many without a plan, meaning their wishes will not be honored upon their passing. If you are not married, the following blog explores why creating an estate plan is critical and why it’s in your best interest to connect with a Medina County, Ohio estate planning attorney to learn about what documents you should consider creating.
Is Estate Planning Important for Those Who Are Not Married?
If you are unmarried, you may assume you do not need to create an estate plan. However, this is far from the truth. In reality, everyone can benefit from planning what will happen in the future, regardless of age, marital status, or whether or not they have children.
As a single person, you may assume that only those with families or spouses should create a plan. However, if you pass away without an estate plan, your assets will be left in the hands of the state of Ohio. A representative from the state will then distribute your assets according to Ohio’s Intestate Laws of Succession. This is a predetermined method for distributing assets to the family of those who pass away without a Will. As a result, your assets may go to someone you did not want to inherit part of your estate, like an estranged parent or sibling.
Similarly, if you are unmarried but in a long-term relationship with a partner, creating an estate plan allows you to care for them upon your passing. Because you are not married, they may have no claim to your estate. As such, taking the time to plan your estate can help ensure your loved ones are protected.
What Documents Should I Create?
If you are unmarried, whether you are single or in a long-term relationship with your partner, one of the most important documents you can create is a Will. This allows you to explicitly dictate how you would like your assets distributed upon your passing. You can name beneficiaries and explain the different ways your assets can be divided. Additionally, this allows you to dictate how you would like your funeral conducted.
In addition to a Will, you should consider establishing a Healthcare Power of Attorney. This allows you to appoint someone to make medical decisions on your behalf if you become incapacitated and unable to do so yourself. For example, you may want your partner or a sibling to make the decisions for you, based on previous conversations you’ve had regarding your healthcare preferences. As such, creating these documents allows you to do so.
If you are interested in creating an estate plan, it’s in your best interest to connect with an experienced attorney. Unfortunately, if you make errors when creating these documents, they can be deemed invalid by the court, meaning your wishes will not be honored. However, when you work with an attorney from Krause Law, you can rest assured that your wishes will be documented in a legally binding manner to help you achieve peace of mind. Connect with our team today to learn how we can help you through this process.