Planning for your estate in California can be daunting, especially if you’re single. To ensure that you have taken the right steps to ensure that your assets are appropriately handled in the event of death or disability, here are some tips to consider when estate planning as a single person.
Make a will
A will is an important document that outlines your wishes to distribute your estate after you pass away. It should detail who will receive which assets and is the primary means to ensure your wishes are followed. If you do not have a will, state laws determine how your assets are divided.
Your will may name the beneficiaries of any life insurance, retirement accounts, or other assets with named beneficiaries. Ensure these are up-to-date, as they will take precedence over your will. An asset without a named beneficiary will go through probate and be distributed according to your will.
Name an executor
An executor is responsible for carrying out the instructions in your will for estate planning. You must name someone trustworthy and reliable, as they will help navigate the legal process of settling your estate. The person should be someone you trust to carry out your wishes.
Choose a trustee
A trustee is responsible for managing and investing the assets of any trust that you set up. It’s important that the trustee is knowledgeable about financial matters and can manage investments appropriately.
Divide up your assets
It’s important to define how your assets will be distributed clearly to ensure that your wishes are carried out after you pass away. Ensure all your bank accounts and other investments have clear and up-to-date instructions on who gets what after you pass away.
Estate planning is important to financial planning, especially for single people. By following these tips, you can ensure that your assets will be handled as you wish in case of death or disability. Regularly review and update your estate plans to remain valid and current.