Estate planning is a critical step for ensuring that your wishes are respected, your assets are protected, and your loved ones are cared for after you pass away. While many associate estate planning with families or people with children, it's equally vital for single people. If you're single, particularly over the age of 50, planning your estate can help prevent your assets from being distributed by the state and ensure that your healthcare and financial decisions are handled according to your wishes. One key component of estate planning for singles is choosing between a will and a trust. In his video, "No Children - Don't Use a Will," White Plains estate planning attorney David Parker strongly advocates for the use of trusts over wills for single individuals without children. This article examines reasons why a trust is a better choice for you if you're single and childless, as well as other key protections to have in place, to protect your well-being and maintain control over your assets.
For single individuals, estate planning is essential not only to protect your assets but also to ensure your healthcare and financial decisions are managed appropriately if you're incapacitated. Without an estate plan, the courts will follow New York state laws to distribute your assets, often giving them to distant relatives you may barely know. Additionally, if you become incapacitated, the state of New York may appoint a stranger or guardian to make critical healthcare and financial decisions for you. Read more in our article, How Guardianship is Determined in New York
If you die without an estate plan, the state will try to find your next of kin. As David Parker points out, this could mean assets going to nieces, nephews, or even more distant relatives—people you may not intend to benefit from your estate. Worse, if no relatives are found, the state could claim your assets. In cases where you cannot make healthcare decisions, the state will appoint a guardian to make those decisions for you, someone who may not be familiar with your personal wishes.
To maintain control of your financial and healthcare decisions, it's crucial to establish a financial power of attorney and a healthcare power of attorney. A financial power of attorney allows a trusted individual to handle your finances if you're incapacitated, while a healthcare power of attorney ensures that your healthcare decisions align with your values and wishes. Both of these documents are essential for singles to ensure they are protected during their lifetime, as no spouse or child will be available to make these decisions by default.
While wills have long been the default estate planning tool, trusts are often a more efficient and private way to manage your estate, especially for single individuals.
One of the primary drawbacks of a will is that it must go through probate, a court-supervised process where the will is validated, and assets are distributed. Probate can be time-consuming, costly, and, perhaps most importantly, public. In many cases, the details of your will—including your assets and their distribution—are available for anyone to see once the will is filed with the court. As discussed in the article “Which Is Best for Your Estate Plan: A Will or Trust?” from Forbes, this lack of privacy can lead to unnecessary complications and even challenges from disgruntled relatives. Read more in our article, Why a Will Alone is Not Enough to Avoid Probate in New York
For singles without children or a spouse, the New York probate court would need to locate distant relatives, such as nieces and nephews, to inform them they aren't receiving an inheritance. This process can create family tension and may even stir up legal challenges, as some relatives might contest the will. Moreover, probate can delay the distribution of assets, leaving beneficiaries waiting for months or even years before they receive their inheritance.
In contrast, a revocable trust avoids probate entirely. When clients create a trust with a White Plains estate planning attorney, you transfer ownership of your assets to the trust itself. You retain control as the trustee, and if you become incapacitated, a successor trustee takes over without the need for court involvement. Upon your death, your assets are distributed directly to the beneficiaries named in the trust, bypassing the lengthy and costly probate process.
Another key benefit of a trust is its flexibility. If you decide to change how your assets are distributed, you can easily modify the trust while you're still alive. You can also specify how assets are managed if you become incapacitated. For instance, a trust can be set up to ensure that funds are available for long-term care, a key consideration for single individuals without children to rely on.
In contrast, wills can be more easily challenged by disinherited relatives. As David Parker mentions in his video, if you use a will and leave out certain family members, you may still need to involve them in the probate process, potentially leading to disputes. With a trust, you avoid this issue altogether, as the transfer of assets occurs privately and outside of court scrutiny.
Estate planning for single individuals is not just about what happens after death; it also involves planning for potential long-term care and other end-of-life decisions. A trust can help ensure that you have the funds necessary for in-home care or a nursing facility if needed. Additionally, you can use your trust to prearrange funeral plans, relieving loved ones of this burden and ensuring that your wishes are respected.
For single individuals, especially those without children, estate planning is essential to maintaining control over your assets and healthcare decisions. While wills may be a familiar option, trusts offer greater privacy, protection, and flexibility. As David Parker strongly advises in his video "No Children - Don't Use a Will," a trust can help you avoid the pitfalls of probate, minimize family conflict, and ensure a smooth transfer of your assets according to your wishes.
If you're single, the time to start estate planning is even more critical than for married couples. Consult with a White Plains estate planning attorney who can guide you through the process and ensure that your estate plan is tailored to your unique needs. Don't leave your future to chance—book an initial call with Parker Law Firm to get started on creating a personalized estate plan that works for you.
The 15 minute initial phone call is designed as a simple way for you to get to know us, and for our team to learn more about your unique estate planning needs.
222 Bloomingdale Rd #301,
White Plains, NY 10605
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New City, NY 10956
