Client: All the Single Ladies (and Men)
All the Single Ladies (and Men)
If you find yourself at the singles table, your biggest issue may not be your Mom and all her friends trying to set you up with pretty much anyone with a pulse and a job. It might actually be not having an estate plan.
Now, I know what you are probably thinking. Why would I need an estate plan? I'm not married and I don't have kids. Trusts, Wills and Medical Directives are for the breeders. This is a commonly held misconception.
At least when married, there are some built in protections on certain assets. For instance, when a home is in both spouses' names, where one spouse survives the other, the home will automatically transfer to the surviving spouse. But without a marriage certificate, a representative of the state can come in and decide how to divide your assets amongst people they have never met. They might not know about your beef with your first cousin twice removed or how your little sister blamed you for breaking that window.
I don't suggest you marry your mom's friend's great niece's best friend from work to avoid this problem (though she does appear to have a job). You could just get set up with an estate plan.
Having an estate plan will give you control over your assets, allowing you to determine how they are allocated after your passing. You will also be able to make sure your medical wishes are carried out to your specifications. Your estate will avoid probate (i.e. the stranger from the state can't determine how your assets are split). There are many more benefits we would love to tell you about.
These same issues present themselves to long term, committed couples that aren't legally married. You need to have a comprehensive estate plan created to ensure your partner is protected. The David Frank Law Group makes the process of creating an estate plan as easy as possible. It is hard to think about these eventualities, but it is really a necessary part of life. Reach out to dana@frankesq.com to set up a free consultation.