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Do I Need An Estate Plan Even If I’m Unmarried?

Some people think that estate planning is for married couples or people with a lot of assets. This simply isn’t true. Almost everyone can benefit from having a will and an estate plan, even unmarried people who do not think that these are necessities. A Des Moines wills lawyer from our firm can help you with any of your estate planning needs.

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What Happens If an Unmarried Person Dies Without an Estate Plan?

When you die without a will or an estate plan, your assets will go through the probate process. This can take a while and it can cost a significant amount of money. There’s also no guarantee that the court will choose the beneficiaries that you would have chosen. That means that your assets could end up with a person who you would not have left them to and that family members who may have made better use of them would be out of luck.

What Can an Unmarried Person Do With a Will?

Having a will does not mean that you avoid the probate process entirely, but you do get to pick a personal representative and they can help distribute your assets in accordance with your wishes. This is often a better option than passing without a will and just letting the probate court do its things.

A will allows an unmarried person to choose beneficiaries and pass down assets to specific people, but that’s not the only benefit of this document. It also allows people choose a legal guardian for any minor children. If you do not choose a person, the court will. If you want your current partner to be the guardian of your children, a will allows you to make that clear. If you do not have a will, the court will decide in what could be a messy custody battle.

Is There Anything Else I Can Do to Prepare?

A will does not cover everything though. If you are an unmarried person creating an estate plan, you should also:

  • Choose who gets power of attorney for your healthcare and finances
  • Make a healthcare directive
  • Check beneficiaries on your life insurance policy, retirement accounts, and similar assets
  • Check assets with “pay on death” designations, like bank accounts or savings bonds

Every person’s financial situation is different. If you want to be sure that you have covered everything, meet with our attorneys and get the advice and guidance that you need.

Talk to a Lawyer

If you want to learn more about how you can benefit from having an estate plan, contact Herting Law, PLLC. Schedule a consultation with our team and learn more about how we can help you make a plan that protects your assets and chooses the right beneficiaries.

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