People in Florida who are older, single and have no children may not have thought much about creating wills over the years. Instead, they may have been focused on building their careers and dealing with their various financial responsibilities from day to day. However, as they draw near retirement, it is critical that they pay greater attention to estate planning. Here are a few estate planning tips for singles who are close to their golden years.
First, it may behoove these individuals to execute powers of attorney and health care proxies. These documents enable individuals to choose who will make essential medical and financial decisions for them in the event that they cannot make these decisions for themselves. It is critical that those who are single have people named that they can trust to help them with these decisions.
Second, it is paramount that these individuals create wills and name other people to serve as their estates’ executors. The executors will handle the individuals’ affairs after they pass away. They will also probate the wills if needed and pay any estate and income taxes.
Taking time to engage in estate planning can seem unappealing for busy older individuals who already have retirement planning on their minds. However, failure to create an estate plan may mean that a person’s assets will end up in unintended hands when he or she dies. It may also mean that the person’s health care or money-related wishes may not be honored if he or she ends up being incapacitated at some point. An attorney can help estate owners in Florida with the estate planning process, ensuring that their goals are achieved from beginning to end.
