When it comes to estate planning, exactly what happens after you die is entirely up to you, and this is true if you are single or if you are married. If you are proactive about the implementation of a custom crafted estate plan, things will go in accordance with your wishes after you pass away. On the other hand, if you do nothing, the state would be forced to sort things out.
If you were to die without any estate planning documents at all as a single person, the state would ultimately distribute property that was in your direct personal possession at the time of your passing through the utilization of the intestate succession laws of the state of North Dakota.
The exact way that the assets would be distributed would depend upon the familial relationships that you had with the people that were surviving you. To provide a couple of examples, if you were single and you passed away with surviving children, your children would inherit all of your probate property.
If you were unmarried and you had no descendents still living, your parents would inherit your property if they were still alive. Your siblings would inherit your property if you had no surviving spouse, parents, or children.
There is really no reason to cross your fingers and hope for the best without any estate planning documents. In reality, estate planning is a core responsibility of adulthood, even if you are a young adult.
Asset transfers are only part of the equation. A solid estate plan will also include an incapacity component. Many people become unable to communicate decisions before they pass away, and you can name representatives in advance to act on your behalf if you execute the appropriate documents.
You can also add a living will to state your preferences regarding the utilization of life-sustaining measures in the event of your incapacitation.
Free Report on Importance of Estate Planning
We have provided some basic food for thought in this blog post. If you would like to obtain more detailed information about the importance of estate planning, download our special report on the subject.
This in-depth report is being offered on a complimentary basis, and it will certainly get your attention if you take the time to download your copy.
To obtain your copy of the report, visit this page and follow the simple instructions: Estate Planning Report.
If you are convinced and ready to take action, our firm can help. We offer free consultations, and we would be glad to get to know you and answer all of your questions.
To set up an appointment, send us a message through this page: Grand Forks ND Estate Planning Attorneys.
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