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Singles need wills, too
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It’s vital for single people to have a will, Adam Fried says.
With no spouse to inherit an estate, assets pass n in succession n to parents, siblings or nieces and nephews. But what if there’s no known living relative?
An 85-year-old client with no living children, nieces or nephews accumulated millions of dollars over her lifetime. “The money went to family she never heard of because she didn’t have a will,” Fried says, adding that she could have bequeathed it to a charity or organization she valued. “That’s a sad representation of what could happen without a will.” n N.P.L.
Other important documents
People typically begin with a will when estate planning. But Herbert L. Braverman says other documents merit equal consideration whether a person is married or single:
Durable Power of Attorney. This authorizes who makes legal decisions on behalf of an incapacitated person. “If you need a guardian, the guardianship process is really burdensome; it’s public and has all sorts of limitations, but a durable power of attorney solves all that,” Braverman says.
Living Will. This specifies whether a person wishes to be resuscitated or placed on life support in the event of certain life-threatening situations.
Healthcare Power of Attorney. “Any of us could have an automobile accident and be a vegetable for the rest of our lives.” In the absence of a living will, relatives often disagree on a course of action. “One person is actually given the authority to make decisions vis-à-vis the outside world. It’s not intended to restrict family discussion.”
HIPAA Authorization. The Health Insurance Portability and Accountability Act of 1996 protects a patient’s privacy. A HIPAA authorization’s value becomes apparent when a person is incompetent to make personal medical decisions. “Otherwise, no one can get to your medical records in case that’s necessary.”
Appointment of Agent to Control Disposition of Remains. “When you die, there might be more than one person who believes they have the right to your remains.” This authorizes who makes funeral arrangements, decides on the type of service and burial, and pays for the funeral.
Authorization of Anatomical Gifts. “If someone dies young, they often have two good kidneys or eyes that someone can use. A young person doing estate planning should think about that.”
n N.P.L.
With no spouse to inherit an estate, assets pass n in succession n to parents, siblings or nieces and nephews. But what if there’s no known living relative?
An 85-year-old client with no living children, nieces or nephews accumulated millions of dollars over her lifetime. “The money went to family she never heard of because she didn’t have a will,” Fried says, adding that she could have bequeathed it to a charity or organization she valued. “That’s a sad representation of what could happen without a will.” n N.P.L.
Other important documents
People typically begin with a will when estate planning. But Herbert L. Braverman says other documents merit equal consideration whether a person is married or single:
Durable Power of Attorney. This authorizes who makes legal decisions on behalf of an incapacitated person. “If you need a guardian, the guardianship process is really burdensome; it’s public and has all sorts of limitations, but a durable power of attorney solves all that,” Braverman says.
Living Will. This specifies whether a person wishes to be resuscitated or placed on life support in the event of certain life-threatening situations.
Healthcare Power of Attorney. “Any of us could have an automobile accident and be a vegetable for the rest of our lives.” In the absence of a living will, relatives often disagree on a course of action. “One person is actually given the authority to make decisions vis-à-vis the outside world. It’s not intended to restrict family discussion.”
HIPAA Authorization. The Health Insurance Portability and Accountability Act of 1996 protects a patient’s privacy. A HIPAA authorization’s value becomes apparent when a person is incompetent to make personal medical decisions. “Otherwise, no one can get to your medical records in case that’s necessary.”
Appointment of Agent to Control Disposition of Remains. “When you die, there might be more than one person who believes they have the right to your remains.” This authorizes who makes funeral arrangements, decides on the type of service and burial, and pays for the funeral.
Authorization of Anatomical Gifts. “If someone dies young, they often have two good kidneys or eyes that someone can use. A young person doing estate planning should think about that.”
n N.P.L.
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| Where there’s a will, there’s a way to protect your family | Special needs individuals deserve special estate planning |
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