Although the needs of a single individual could be different, the importance of conducting planning in this situation is just as important. A will or a trust ensures that the state does not have to make determinations about a person’s property after he/she has passed away. This instead empowers a trust administrator to change or make decisions as needs require.
If probate is necessary, required notification of all the impacted arrears can be costly and time consuming. If beneficiaries on the various accounts are not monitored or updates are not given, undesired persons can receive benefits to which they were not entitled. Finally, a power of attorney can be important tool for a single person. Whether it’s for healthcare or a regular power of attorney, this ensures that choices are made not by a court but instead by a trusted friend or colleague.