Articles - Archived Expert Advice

Estate Planning

I am a single female with no dependents. Do I need an estate plan if I am not married and have very few assets to give away?

Yes, everyone needs an estate plan that covers medical decisions in case they become incapacitated, as well as instructions on how to distribute your assets upon death. At a minimum, you should have a will, power of attorney and a living will as part of your overall plan.

The reason you need a will is to specify who will receive your assets when you die, and to name an executor to handle your final affairs. If you die without a will, your assets will be distributed according to the state’s probate laws, which may not be what you want!

If you’ve ever known someone who became incapacitated from an illness, injury or accident, you may know about the importance of a healthcare power of attorney. This allows you to give legal authority to a family member or friend to make medical decisions on your behalf in the event of incapacitation. Protect yourself by putting your healthcare decisions in the hands of someone you trust.

Finally, you want to consider a living will, which contains instructions should you have a terminal illness or become incapable of communicating your wishes. Decisions covered include when to maintain life support, when to turn it off, and when not to resuscitate you. Again, do not leave this decision to someone who may not agree on the best course of action. Let everyone know in writing what type of life support care you want.

If you would like assistance creating an estate plan, please give an LGFCU Financial Planner a call. We can be reached at 877.367.5428.