{"id":1010,"date":"2018-01-29T23:10:58","date_gmt":"2018-01-29T23:10:58","guid":{"rendered":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/?page_id=1010"},"modified":"2024-10-06T17:07:53","modified_gmt":"2024-10-06T17:07:53","slug":"single-individuals","status":"publish","type":"post","link":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/blog\/single-individuals\/","title":{"rendered":"Estate Planning For Single Individuals"},"content":{"rendered":"

Introduction<\/h2>\n

If you pass away without a will, you die \u201cintestate,\u201d and your assets will be transferred to your family members according to the state\u2019s intestacy laws<\/a>. Intestate succession can be frustrating since your surviving heirs don\u2019t get much say in who receives your assets, but if you have a spouse and children you can at least trust that they will be the primary beneficiaries.<\/p>\n

Unfortunately, single individuals don\u2019t have that reassurance. Depending on your family situation, your assets could go to your parents, your siblings, nieces and nephews, aunts and uncles, and even the state if nobody is around to claim your assets.<\/p>\n

Instead of leaving it to chance, it\u2019s important to draft an estate plan now\u2014even if it\u2019s a simple one\u2014to prepare for the unexpected. You can always update or replace the plan if your situation changes, so you don\u2019t need to be concerned with what your life circumstances will be like 5, 10, or 20 years from now. Plan for today, and make adjustments down the road as necessary.<\/p>\n

There are 5 parts to a proper estate plan:<\/h2>\n
    \n
  1. Durable power of attorney<\/li>\n
  2. Healthcare power of attorney<\/li>\n
  3. Living will<\/li>\n
  4. Letter of intent<\/li>\n
  5. Last will and testament<\/li>\n<\/ol>\n

    Durable Power of Attorney<\/h2>\n

    A durable power of attorney<\/a> (POA) authorizes the person of your choosing (known as the attorney-in-fact) to access your assets and handle your affairs if you become incapacitated. You can broadly authorize full access to your assets, or you can restrict access to certain accounts.<\/p>\n

    Most POAs don\u2019t take effect until you become incapacitated, but it\u2019s not uncommon to see elderly singles with children grant an adult child access to their accounts so they don\u2019t have to deal with the headaches of bills and account management. For this responsibility, most single individuals turn to a sibling or parent. You\u2019re allowed to appoint a close friend, but keep in mind you may need to rescind the POA if your friendship dwindles or ends.<\/p>\n

    Healthcare Power of Attorney<\/h2>\n

    Where a standard durable power of attorney grants access to your assets, a healthcare power of attorney grants someone access to your medical files and gives them the authority to make important medical decisions on your behalf. Many states allow you to wrap this into a traditional durable power of attorney, but you\u2019ll want to draft a separate document if your healthcare proxy isn\u2019t the same as your financial\/legal attorney-in-fact.<\/p>\n

    Living Will<\/h2>\n

    Don\u2019t be misled by the name\u2014a living will has nothing to do with your last will and testament. A living will (also known as an advance directive<\/a>) establishes your end-of-life healthcare preferences. If you are incapacitated and unable to communicate important medical decisions, your doctors will consult your living will to determine whether or not you\u2019d approve of proposed treatments and procedures.<\/p>\n

    This may seem redundant if you have a healthcare proxy with a POA, but it\u2019s helpful for your loved ones to know exactly what your healthcare preferences are. Decisions regarding artificial life support, resuscitation, and risky surgeries can be extremely emotional and difficult, and making your decisions clear can help to eliminate some of the painful uncertainty that comes with the territory.<\/p>\n

    Letter of Intent<\/h2>\n

    A letter of intent is not a binding legal document, but it\u2019s a great way to provide formal directions and advice to your loved ones after your death. You can write a letter of intent about anything you\u2019d like, but in the context of this conversation, you\u2019ll want to write a letter of intent specifically addressing your funeral and burial plans. Purchasing pre-need services such as a burial plot, cremation, or casket is always best, but if your financial situation doesn\u2019t allow that, you should at least make your wishes clear and indicate which assets can be used to pay for the services after you pass away.<\/p>\n

    Note that you can also include these instructions in your will. However, it\u2019s not uncommon for your will to be unsealed a couple of weeks after your death, at which point your funeral and burial have already taken place. If you choose to include this information with your will, we\u2019d still recommend leaving a letter of intent with a loved one who can bring it forward before your funeral.<\/p>\n

    Last Will and Testament<\/h2>\n

    Last but not least (pun intended) is your last will and testament. Wills are entirely custom and will vary from person to person, but there are a few common elements that single individuals need to address:<\/p>\n