Several myths exist about estate planning, and the notion that the process only involves writing a will ranks high among those misconceptions. Montana residents could take care of many financial and health-related responsibilities through careful estate planning. And don’t assume there’s a specific profile for an estate planner. The person need not be married, wealthy or older. Single and younger persons may benefit from estate planning.
Addressing different aspects of estate planning
Several different documents could make up a comprehensive estate plan. A power of attorney contract represents one such document, and it could be helpful to someone needing assistance with financial matters. A single person burdened with many tasks may turn to a parent or another trusted person to handle his or her financial matters, such as investing money, paying bills or filing tax returns. Granting an individual power of attorney allows him or her to handle those and other affairs.
Financial issues are not the only matters that may concern an unmarried person. What if an accident or medical emergency leaves a single individual incapacitated? A living will or health care proxy could assist relatives during the crisis. A living will establishes the person’s wishes while the health care proxy gives another individual the authority to make decisions about medical care.
The traditional will and estate plans
While a will may not be the only document to think about, it remains a vital component of estate planning. A single person may not have a spouse or child in his or her life, but there may be relatives and other beneficiaries that could benefit from a written will. Montana’s intestate laws may direct asset distribution when there’s no will, which may be contrary to a testator’s wishes.
An attorney may speak with a potential client about creating various estate documents. The lawyer may also rewrite or revise any current documents a client possesses.