Your marital status really does not matter when it comes to planning out your estate. If you are single, you still need to make a plan and figure out which loved ones you want to leave assets to and who should be in charge of your affairs if something happens to you. A Fayetteville, Arkansas estate planning lawyer from our firm is equipped to help you with every part of this process, from writing a valid will to setting up trusts.
What Happens to My Assets If I Do Not Make a Plan?
Your family has to go through the probate process. The state takes your property and essentially just gives it to the closest family member. If you are single, then that likely means that your children will be the primary beneficiaries.
What if this is not exactly what you wanted though? What if you had plans to leave some stuff for your kids, a few things for grandchildren, and some money or cherished items for a friend? Well, the probate process does not acknowledge that. Everything that is solely in your name is going to go to who the court chooses.
What Can An Estate Planning Lawyer Help Me Do?
This is why having an estate plan in place is so important, especially for single people. An estate planning lawyer from our firm can make it easy to develop a comprehensive plan that considers all of your relationships and who should receive what from your estate. Your attorney can help with:
Trusts: You can set up a trust that would give a loved one the resources that they need to live after you have passed away. We can also help you set up a trust for a loved one with special needs. You can even set one up for a beloved pet!
Guardianships: If you have minor children or a loved one that is in your care, you can establish guardianships and choose new caregivers that can take over if you pass away.
Business succession: If you have plans to pass down a small business that you built, an estate planning lawyer can help you with that as well.
Power of attorney: Your attorney can help you choose people to assign your power of attorney. This would allow them to make financial or medical decisions for you if you are incapacitated or otherwise unable to make decisions for yourself.
When you have a proper estate plan, you know that your assets and your family are both in good hands.
Contact Our Law Firm Today
If you are ready to make a plan of your own, contact the Knapp Law Firm. We can schedule you an appointment with a helpful estate planning lawyer who is ready to assist you with every stage of this process. Take this important step and make sure that your family has one less thing to worry about.