In 2024, 52.1% of U.S. adults had never been married, divorced, widowed, or separated.
You’re only dependent only on yourself.
You’re alone and responsible for your children.
You lost your significant other.
Imagine you are suddenly unable to care for yourself and/or your children.
Who will step in when something happens to your health and make decisions to your estate if you have passed away or are incapacitated?
This is important for:
- Never-married
- A never-married parent
- Single parents (who have minor children)
- Divorced
- Widowed
- Parents whose children are adults, but still depend on them
- Those who have complicated financial or estate situations
Estate planning is for everyone. It’s not about wealth or those who have a traditional family. You make your wishes known for your estate, your healthcare decisions, and your children (if you have children). It does take time, maintenance, and forces you to make uncomfortable decisions. If you don’t have an estate plan in place, the government will decide for you, and it will cost your loved ones their time in sorting out what needs to be done and money. Probate costs 4% on the first $100,000 according to Probate Code Section 10800, in addition to other court fees, which can add up.
An Estate Plan includes: a Will and Trust, Power Of Attorney, and Advance Health Care Directive.
Some of you are thinking, “What if I don’t have anyone I can trust or rely on? What are your options?” (Discuss these options with your estate planning attorney to see whether they are right for you.)
- A licensed professional fiduciary: The California Bureau provides a license verification tool that may be helpful in finding someone for your needs. Here are some local options.
- Your bank, financial institution, or brokerage
If you decide to use a professional California-licensed fiduciary, think about asking these questions:
- Are you a licensed California fiduciary?
- What is your license number, and is it currently active?
- Are there disciplinary actions listed with the Bureau?
- Do you serve as an agent under a financial power of attorney?
- Do you serve as a healthcare agent/executor/personal representative/successor trustee?
- What happens when you are not available?
- What are your hourly rates/fees? And are there additional expenses?
- How are estate/probate fees calculated?
If you’re single (never married), divorced, widowed, or raising children on your own, an estate plan gives answers to what may be forced to make without you in an emergency. Begin the conversations while you can still make decisions for yourself. Don’t leave it up to the Court to decide for you.
Are you in need of legal counseling or have any questions about estate planning? The Law Offices of Ian S. Topf, APC offers a free consultation on a variety of issues, ranging from family law/divorce, bankruptcy, and estate planning to criminal/DUI matters and disputes.