ESTATE
PLANNING FOR A SINGLE PERSON
If
you are single and have assets and/or children, you should
consider setting up a revocable living trust under which
you would serve as your own trustee.
This agreement would be revocable so that you could
either amend or revoke it at any time.
Consequently, you would remain in complete control of
your assets. You
retain complete flexibility to manage and sell you own assets.
There is no need to report to anyone, to file any
accountings or to file separate income tax returns.
This form of trust has a minimum of "humbug".
The advantages of using a revocable trust are:
If
you become incapacitated through illness or injury the successor
trustee which you name in the trust agreement (a family member,
a friend or a trust company) could step in and take over the
management of your assets and pay your bills without the need
for a court appointed guardian.
Upon
your death, the successor trustee named in your trust agreement
could immediately take over the management of your trust and
have access to your bank accounts and other assets without
having to go through probate and wait for the court to appoint a
personal representative of your estate. Your assets would then be distributed to your beneficiaries
or continued to be managed for your beneficiaries without going
through probate.
Upon
your death, tangible personal property (items such as furniture
furnishing, jewelry, clothing and personal effects) could be
distributed either according to a separate list or among your
children as they agree. The balance of the trust could either then be distributed to
your children or continued to be held in trust for the benefit
of your children until they have reached ore mature ages.
The trust, of course, could be distributed to whoever you
designate in the trust agreement in whatever proportions you
wish.
