Creating an estate plan is more than just about one person’s desire to legally transfer property and assets after death to a spouse or children. As advisors, we’re mindful of the unique, but certainly not uncommon, planning needs of single clients.
A recent article in MarketWatch did a great job examining the issue of estate planning for singles.
When a person dies without a last will and testament, assets are disbursed according the laws of the state. For married people, that means a surviving spouse inherits those assets, even if they’re not jointly titled. For a single person, the same law means the assets will be handed off to close relatives (i.e. children, parents, siblings). And, when no relatives are available to inherit the estate, your client’s assets might even go to the state.
Let’s keep the state out of it, shall we?