TIAA-CREF article on Estate Planning For Singles
Many wealthy Florida residents have great estate plans, but one segment of the population that sometimes overlooks estate planning are singles.
There is a great new online article about estate planning for singles by TIAA-CREF. The link to the article is below, but here are a few pointers to consider based on what is seen by Palm Beach County probate litigation firms and Florida estate lawyers.
Estate Planning for Singles, including “Newly” Single
- Have at least a basic estate plan
- Like a simple will & a revocable trust
- Consider your will substitutes like insurance, annuities, joint bank accounts and beneficiary designations in like of what your will and trust say
- Most younger singles name their parents as beneficiaries but have a backup should Mom or Dad pass
- Call your estate planning attorney after any major financial event
- Examples of major financial events:
- You inherit a lot of $$$
- You sell a piece of property for a lot of $$$
- You LOSE a lot of money from the Great Recession or the Tech Wreck of 2000
- Remember, estate planning for singles does NOT mean just young singles but also the newly single like those who unexpectedly lose a spouse or are divorced
- Consider if you have provided for any children you have, or may have, whether from marriage or outside of marriage
Here is the link to the free online article on estate planning for singles: https://www.tiaa-cref.org/public/advice-guidance/estate-planning-essentials-for-singles?p=1331944007105