16 Sep Should I Have A Trust If I Am Unmarried Or Single?
Whether marriage isn’t in the cards for you at this time, or you prefer being single, you still have assets that need protection. A trust can ensure that your assets pass to the people you want them to go to without having to endure the expense and delay of the probate process. The other documents in a proper estate plan will also have instructions on who should make financial and medical decisions for you in case you are paralyzed by an accident.
What is a Trust?
Trusts are created by you, the “Settlor.” As the Settlor, you will appoint yourself as the trust’s initial trustee. You retain ownership and control of your assets. The trust’s purpose is to avoid the need for the court to administer your estate. You will need to decide whom you want your assets to go to and who should be your “Successor Trustee” in charge of distributing your assets to those people. The Successor Trustee will also manage the trust assets if you are incapacitated.
What Other Documents Are Needed?
Power of Attorney (POA)
This document allows you to delegate broad authority over your personal financial affairs. A power of
attorney for finances and property matters gives you peace of mind knowing the person(s) you have
designated can manage your affairs should you be unable or unavailable, such as during periods of
incapacity. You may choose a power of attorney that is effective immediately and continues to be
in effect, even if you become incapacitated or incompetent; you can select a springing power of
attorney, which doesn’t become effective until you become incapacitated or incompetent.
Advance Healthcare Directive
This document allows you to appoint a person to make important decisions about your medical care,
including your right to withhold specific medical treatments in certain circumstances. It also contains
within it is a “living will,” which is a document that formally expresses your end-of-life decisions
regarding extraordinary medical treatment if you become terminally ill.
Last Will and Testament
This Will transfers any remaining assets or property not previously transferred into the Trust.
The function of the pour-over will is to act as a safety net to catch any property that has been
intentionally or inadvertently left out of your Trust at the time of your death. This document allows
those assets to “pour over” into the Trust so they may be distributed according to the terms of the
Trust. This is also an important document that will state your choices for a guardian if you have
Besides designating these individuals, you should also look into long-term care insurance in case you need long-term care as a single individual. Since you may not have family members to take care of you, this plan can help you navigate care options and meet your medical needs.
Cost of a Trust
Guideway’s flat-fee pricing is very straightforward. Our pricing is as follows:
Guideway Living Trust Pricing:
Pricing includes one property.
Contact Guideway Legal Documents & Mediation If You Are Ready To Create A Trust
A trust can ensure your needs are taken care of if you are incapacitated, and your assets are distributed to designated beneficiaries on your demise. Guideway Legal Documents & Mediation can help you take the first step. We can prepare the documents you need to establish trust and can also guide you through the entire process. Most of our services are available at a flat rate. Get in touch with us today!