Derryberry & Naifeh, LLP
Our Practice

Estate planning may be even more important for singles

Estate plans are often geared toward families so that parents can provide for their children and ensure a surviving spouse is well supported. Because of this, singles in Oklahoma may think they have no need for estate planning. However, having a plan for the future may be even more important to those who are unmarried. They simply must focus on difference aspects and goals in their preparations.

Just because a person has no spouse or children does not mean there are no assets or estate to consider. The decision to write a will or to title accounts so they will transfer on death will prevent the estate from being distributed by an Oklahoma court. While singles may not have immediate families, they may certainly have loved ones or causes to which they are devoted, and naming them as beneficiaries is only possible through legal documentation, such as a will or trust.

One critical aspect of estate planning for singles is the very real possibility that they may become incapacitated and unable to make life and death medical decisions for themselves. A complete estate plan designates someone to speak on one's behalf. It may also contain an advance health care directive to guide the proxy in those decisions. Additionally, a single may not have someone who can legally make financial decisions unless that person is named in a power of attorney document.

It may be even more crucial for unmarried people to consider their estate plans and last wishes to avoid leaving those things to chance. Establishing a plan for oneself and one's assets will certainly bring peace of mind and resolve many uncertainties about the future. While the many options for estate planning may be confusing, seeking the advice of an attorney may clear up many of those questions.

Source: Forbes, "5 Financial Planning Strategies For Singles", Judith Ward, July 5, 2017

No Comments

Leave a comment
Comment Information

contact our firm

4800 North Lincoln Boulevard
Oklahoma City, OK 73105

Toll Free: 866-661-0893
Phone: 405-708-6784
Fax: 405-528-6462
Oklahoma City Law Office Map