Estate planning is often the last thing on the mind of an unmarried person without children. But estate planning is important for every adult, regardless of your life status. Some may argue that it’s even more important for single adults without children because it allows for your (often unknown) wishes to be carried out after your death.
If you do not have a spouse or children, you need to decide how you want your assets divided after you die. Otherwise, according to Colorado law, your estate will need to be probated and the assets will ultimately be divided according to the Colorado intestacy laws. If you are single, have no children, die without a will and have living parents, your estate will pass to your parent(s). If both of your parents are deceased, your estate will pass to your siblings. Our estate planning attorneys can further explain how the laws of intestacy will apply in your specific situation.
There are many ways to handle asset allocation. You can choose to leave assets to:
- Extended family members like cousins, nieces, nephews, etc.
- Significant others
Keep in mind that as your relationship changes with your beneficiaries, those individuals have their own life changes or you add new people to your life, you will want to update your will or trust to reflect any differences such as:
- How you wish to change an allocation dollar amount, percentage or material asset
- New people or organizations to include in your will
- Current people or organizations to exclude from your will
- How the beneficiaries will receive the assets such as outright or in trust
It is also important to draw up “ancillary documents” such as a living will, powers of attorney and instructions of your wishes should you become incapacitated.
According to the U.S. Census Bureau, there were 105 million unmarried people in American in 2013. This represented 44% of all U.S. residents age 18 and older. Additionally, in 2013, 62% of U.S. residents age 18 and older had never been married. If you fall into either of these categories, make sure you plan for the future of your estate.
The attorneys at The Brown Law Firm, LLC can help create wills for unmarried adults in Denver. Contact us today at (303) 339-3750 or send us a message online to start the conversation.