Not everyone in Texas has a family or friends they would like to leave their assets to after their death. These people may think that an estate plan is unnecessary. This is a fundamental mistake that should be rectified as soon as possible because even single people should have an estate plan.
The foundation of an estate plan is a will. For single people who have few loved ones to leave their possessions to, there are other issues that should be considered. It is important to find an agent to oversee their finances if they are unable. When trusting someone with a power of attorney, that individual will handle paying taxes, paying bills and similar needs. It should be someone who can be trusted with that responsibility and have the person’s interests in mind.
Having a health care proxy is also a wise decision. This document allows the agent to make decisions and ensure that the desires of the testator are carried out. A living will is crucial for people who might not want to be kept alive with machines or do not want certain medical procedures performed.
Those who are unmarried and do not have a specific person to leave their assets to might be under the impression that an estate plan is not needed. Drafting estate planning documents is a protective measure regardless of the circumstances. A law firm experienced in estate planning strategies can explain their importance and help with the creation of a well-rounded plan tailored to the individual’s needs.