Not everyone gets married. But everyone needs to do some estate planning, and that includes single individuals in Arkansas. Singles may have amassed healthy bank accounts or more assets than their married counterparts. No matter what the situation, everyone should have an estate plan in place, which includes a number of important documents.
First and foremost, everyone needs an up-to-date will naming a trustworthy executor. Also, having a person to act as a power of attorney (POA) is also crucial. An individual named to act on a testator’s behalf on a POA will be able to make decisions for the testator when he or she is unable to do so. Add to the mix a revocable trust with the grantor as trustee as long as he or she is alive. When the grantor dies, a successor trustee can administer whatever assets are in the trust, and the grantor should fund the trust while he or she is able.
Thought should also be given to estate taxes to allow beneficiaries to receive as much from the estate as possible. These are issues that should be taken care of while a person is in good health. It would be more difficult to fashion an all-encompassing estate plan while in poor health.
Whether single or married, all Arkansas adults who have loved ones should become involved in their own estate planning. An attorney can help guide his or her client on what documents may be needed based on individual circumstances. Knowing loved ones — who will already be grieving their loss — won’t have to worry about sorting these issues out may give people peace of mind.