Estate Planning for the Never Married
December 4, 2015
According to PEW research, in 2012 the number of unmarried individuals aged 25 or polder had reached 20% of the population. This is a significant increase of 9% since 1960. Although the majority of individuals think that estate planning follows after marriage, if you’re not married the concern can actually be even greater.
There is no clear path for decision makers and no plan means defaulting to an expensive and rigid legal state structure if you are not married and aim to avoid estate planning.
One key to avoiding these challenges is to reevaluate your plan every five years yourself as friendships and relationships may change relative to who possess the healthcare proxy, power of attorney and the like.
A second key is to consider carefully the advantages and pitfalls of combining financial and legal medical decisions in one single person. Contact an estate planning attorney to learn more about your options to determine what is most appropriate for you.
