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Why singles need an estate plan

On Behalf of | Sep 10, 2021 | Estate Planning |

Being single doesn’t mean that you get to skip an estate plan. You need a will and testament, power of attorney and other plans, even if you never have any heirs to pass them along to. There are several benefits to planning an estate in Maryland that singles should consider.

Care for pets

Many singles have pets to compensate for not having children or live-in partners. It’s legally acceptable for people to include animals in their wills. Pets, in particular, need to be taken special care of after the owner dies.

Minimize taxes

Singles may have to pay more for taxes than married couples do. Estate planning is recommended to minimize estate taxes. Otherwise, the government will keep a larger amount of money after taxing a person’s estate.

The state decides

No one likes paying taxes, especially if it’s not certain what the money will be paying for. But when a person dies without leaving a will, the state government decides what will be done with all of his or her money. The state may decide to invest in charities or government programs that the estate owner does not agree with, so it’s important to leave behind a will.

Promote charities

Donating to charities allows a person to help less fortunate people and make the world a better place. It’s also a way to prevent the state from getting ahold of a person’s estate upon his or her death.

All singles should plan for their futures

Planning an estate means making sure that one’s hard-earned assets are placed in the right hands. This could mean donating money to charities or distant relatives. In any case, it’s necessary to create a plan as a single parent, divorcee, or individual.