If you don’t have children, a spouse or other close friends and family, it is imperative to work with a trusted estate planning attorney to protect your interests and decisions about things such as asset distribution after death, health care and end-of-life decisions.
You should consider the following estate planning options:
- In the absence of a close family member or friend, you can select a trusted attorney, accountant or financial advisor to serve as your power of attorney or medical directive agent to make financial and medical decisions should you become unable to do so.
- Another option is to work with a reputable bank or trust company to set up a revocable or “living” trust. These institutions may agree to be the trustee and then can accept limited power of attorney to transfer assets to the trust.
- A living will or advanced health care directive details the life-saving medical interventions you do or do not want should you be unable to speak for yourself. If you don’t have someone to select as your health care power of attorney, you can consider asking your doctor for a “Physician Ordered Life Sustaining Treatment” order. This document, included in your medical chart and binding in emergencies, details what end-of-life care you want.
- A Will allows you to choose where your assets will go after you die. If you don’t have anyone you want to leave your property to, you can select charitable organizations as your beneficiaries. Same holds true for designating beneficiaries on bank accounts, insurance policies, etc.
- A trusted attorney, accountant or financial planner can also fill the role as executor of your Their responsibilities would include overseeing the probate process, distributing assets, selling real property and making distributions to any named beneficiaries.
To discuss your options with an estate planning attorney, please call us for a free consultation at (833) 888-0462.