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Estate planning critical for single people

Just because a person has no spouse and no children does not mean he or she does not need an estate plan. Estate planning is important for both single individuals and families alike in the state of Texas. It is also important for people at varying income levels and with varying amounts of assets.

If a person who is married dies with no will, which is also known as dying intestate, his or her assets will typically go to his or her spouse. However, if a single individual dies with no will, how his or her assets will be distributed is not as clear. Generally, the person's assets will go to siblings, children or living parents.

However, if the deceased individual does not have relatives who are close, the assets might end up being distributed to a distant relative instead of the person's long-time partner, for example. The individual may also have preferred for his or her assets to be passed on to a charity or close friend. If no relatives are found, the person's assets may simply end up in the state's hands.

Estate planning is increasingly critical for single individuals because more people remain single today than they did in the past. In fact, according to research, over 50 percent of adults are not married, and young adults are delaying marriage more and more. Legal guidance can help people to create estate plans in the state of Texas that reflect their needs and desires in the event that they pass away.

Source: businesssavannah.com, "Smith and Barid: Single people may need estate planning more than others", Michael Smith and Richard Barid, Dec. 20, 2016

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