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Planning for Single People

Estate planning for single people is generally simple.   However, since you are not currently married you may need to give more thought to some things.

First, you need to decide who will manage your assets and health care if you are unable.

Second, you need to decide who will benefit from your assets after you have passed.

Depending on your family situation, parents and siblings are generally the first choice to make these decisions.  Next in line may be other relatives, professional advisors, and/or close friends.  However, if you have children these decisions may change and may need further thought.  Our Chicago estate planning attorneys can offer you guidance on making these decisions.

These decisions and instructions will be incorporated into your Living Trust. Your Last Will creates instructions so that all your assets are eventually governed by the rules of your Trust. If you have children under 18, you’ll name guardians for them in your Last Will.

Third, in your Illinois Power of Attorney for Property, you will authorize generally the same people as above to transfer property not then in your Trust, such as retirement plans.

Finally, in your Illinois Advance Health Care Directives, you will appoint the people who will make health care decisions for you if you are unable.  You will also give them instructions on what type of medical treatment do or don’t want.