Who has rights to assets of people without spouses or children in Maryland, Virginia, and Washington DC?

Single people currently outnumber married people in Maryland, Virginia, and Washington DC. While married couples might be more likely to develop an estate planning, it is equally important for single people to do the same. In the event of a single person’s illness, incapacitation or death, there is no spouse to turn to, making it vitally important that there are documents in place designating a trusted friend or relative to make healthcare and financial decisions.

Without clear directives, an estate can take years to resolve throughout Maryland, Virginia, and Washington DC. Courts are not equipped to determine an individual’s wishes and cannot guarantee that the person intended to have decision-making authority will be available or willing to take on those responsibilities.

Planning an estate can seem like a daunting task and involves sensitive conversations about life and death. Regardless of marital status, a person should always consult a lawyer to ensure his or her wishes are clear and legally viable. Estate Planning Attorneys with the knowledge of taxes and estate planning in Maryland, Virginia, and Washington DC can recommend and develop estate documents such as wills, trusts and powers of attorney for financial and healthcare decisions. It is also important for single people to consider disability and long-term care insurance.

As with any estate plan, it is imperative for a single person to revisit the provisions made as life circumstances change. Buying a home, learning about an inheritance, and certainly, getting married are all significant events that require consulting your attorney to update your estate plan.

The estate planning attorneys at Longman & Van Grack have the knowledge and experience needed to guide you in creating future planning documents. Each individual is different and requires a unique approach to developing and maintaining an effective estate plan. We have offices in Bethesda and Rockville, Maryland, and serve clients throughout Maryland and Washington D.C. Contact us today at (301) 291-5027 for a consultation.