Myths and Frequently Asked Questions

Estate Planning for Single Individuals

Myth: If I do not have an estate plan, my money and property will go to the state. 

False. While there is a remote possibility that the state may be the ultimate recipient of your money and property, that would occur only if you had no other living blood relative to inherit your assets. Although the details vary by state, this is the general framework: If you are married and have children, your surviving spouse and descendants typically share your estate—your spouse does not automatically receive everything first. If you have no surviving spouse, your descendants inherit. If you have no descendants, your parents inherit. If your parents have predeceased you, your siblings and their descendants are next, and so on, through increasingly remote family members. Depending on your family's size, there could be numerous people who would have to predecease you before your money and property would be turned over to the state. 

Although the likelihood of the state receiving your hard-earned money and property is slim, ensure that you have an estate plan in place so that you can choose exactly who will receive your money and property as well as when and how. Do not let the state take that choice away from you.

Frequently Asked Questions

Question 1: Should I wait to do my estate planning until I know whom I want to leave my money and property to? 

No. You do not need to be completely certain about who should receive your money and property before beginning the estate planning process. Together, we can discuss your priorities, relationships, and long-term goals and develop a plan that reflects your current wishes. Because your circumstances may change over time, your estate plan can generally be updated to change your beneficiaries as needed. 

Keep in mind that who gets your money and property is only one component of an estate plan. In addition, it provides instructions regarding your healthcare wishes and appoints individuals to make financial and medical decisions for you if you cannot make or communicate them yourself. Additionally, you may change the individuals named as your trusted decision-makers at any time, provided that you have the legal capacity to do so.

Question 2: If the state already has a plan for me, why should I bother creating my own? Isn't the state's plan good enough? 

If you do not create an estate plan, state intestacy laws will determine who receives your money and property and in what proportions. Generally, an adult beneficiary will receive an inheritance outright, without the protections or conditions that a trust could provide. If a beneficiary is a minor, the property may require court-supervised management by a guardian, conservator, or custodian until the beneficiary reaches the age specified under applicable state law, at which point the remaining property may be distributed outright. 

If you are alive but require assistance making medical or financial decisions and you have no estate plan, a judge will select someone, often a family member, to make the decisions for you. This time-consuming, expensive, and public process can create additional stress for you and your loved ones during a time of potential crisis. Additionally, the court may not appoint whom you would have chosen to act on your behalf. 

Relying on the state's plan and leaving your family to figure out what you would have wanted can lead to disagreements among loved ones and the possibility of your hard-earned money and property being used to pay legal fees and court costs instead of benefiting the people or causes you care about. It may also take longer to wrap up your affairs, resulting in additional costs that could have been avoided through proper planning.