If you’re single with no kids, or married without kids, you have some unique estate planning needs. You’ll require special strategies for health care, emergencies and division of your estate. Plan for extra care costs. Growing older without a built-in support team may mean you’ll have extra expenses for care. You may need to hire people to check in with you, to run errands or to drive you to appointments. If you plan to rely on younger family members or friends, talk to them about what they’re willing to do and revisit those conversations from time to time.
Plan for an emergency. Create a plan to take care of yourself if you become incapacitated. Certain tools can make that easier for the people who are going to step up to help you.
Sign a current power of attorney for property and power of attorney for health care. These documents enable you to designate a person who will make financial decisions and health care-related decisions for you when you are no longer able. Sign and fund a revocable trust. Your successor trustee will be empowered to use those funds for your care if you become incapacitated. Without a living trust, someone may have to petition the court to appoint a guardian to gain access to your funds. That’s costly, time-consuming and stressful, and puts critical decisions for your well-being in the hands of others.
Make a will. For people without a will, Illinois law generally provides that assets pass at death to your spouse and children. If you die without a surviving spouse or children, relatives will inherit. If you are single without kids or part of an unmarried cohabitating couple, your wishes may not be carried out without a will. Think about your legacy and how you want your assets distributed. You may consider gifts to charity or lifetime gifts to certain family and friends. You can include age-benchmarks that determine when young beneficiaries receive their gifts. A will ensures you get to decide how your assets are distributed. Probate court proceedings may be needed to carry out your wishes if you have not titled assets in your living trust or if you have not named “pay on death” beneficiaries or joint tenants who survive you.
Talk with your estate-planning attorney to help you review and plan.