It is important for single people to have a Will because while the law has a preference for who should receive their assets, the single person’s actual preference is often quite different. Some people would choose their parents while others might choose their siblings. It is especially important for single parents to have a Will to ensure that their children will be cared for and any money for their benefit is managed wisely. Without a Will the court system will oversee the care of children and their money – but the cost is usually much greater.
Equally important, but often overlooked, is the need for single people to have a Financial Power of Attorney and Advance Directive (replaces the Durable Power of Attorney for Health Care and Living Will). If you should become permanently or temporarily
incapacitated there may be no obvious stand-in as there is for married people. You may prefer your parent, a sibling or some other family member or friend to take care of your finances and your health care decisions. Without legally-enforceable written instructions to this effect they will be forced to resort to the courts at a time when money and time are precious. It is paramount for single people to have these wishes properly recorded. Again, this is especially true if you have minor children.
Do you need to have your Will done?
Do you have questions about Estate Planning for Singles residing in Georgia? Then e-mail or call me at 770-795-4992. Let’s discuss your plans, goals and concerns.