Estate planning discussions often give the impression that every senior in America is married with two or more kids. That’s not true, of course, and those who do not fit the profile need estate planning guidance at least as much as the stereotypical couple does.
Unmarried people should put a priority on developing the traditional estate planning documents that don’t pertain to disposition of property: the health care proxy (or advance medical directive or living will) and financial power of attorney. Without these documents, when the single person is unable to make medical decisions or take care of financial matters, there might not be someone to make decisions whose authority will be readily recognized.
In developing the financial power of attorney (POA), you need to identify one or more people who are able and willing to take care of financial matters if you aren’t able to. Then, you need to set up your financial affairs so the person…
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