Estate Planning For Single People
Why Estate Planning is Important for Single Individuals
As a single individual, estate planning is crucial to ensure that your assets are distributed according to your wishes
and that your loved ones are taken care of in the event of your passing. Without a comprehensive estate plan in place,
the laws of intestacy in South Australia may dictate how your estate is distributed, which may not align with your
preferences.
Key Components of Estate Planning for Single People
When it comes to estate planning for single individuals, there are several important aspects to consider:
Will Creation
Creating a legally valid will is the cornerstone of any estate plan. A will allows you to specify how you want
your assets to be distributed and who will be responsible for carrying out your wishes.
Power of Attorney
Designating a trusted individual as your power of attorney allows them to make important financial and legal
decisions on your behalf if you become incapacitated.
Frequently Asked Questions
1. Do single individuals need estate planning?
Yes, estate planning is important for everyone, regardless of marital status. It ensures that your assets are
distributed according to your wishes.
2. What happens if I die without a will as a single person?
If you pass away without a will, your assets will be distributed according to the laws of intestacy, which may not
align with your preferences. It is advisable to have a will in place to avoid this situation.
3. How often should I review my estate plan as a single individual?
It is recommended to review your estate plan periodically, especially after major life events such as buying a
property, starting a business, or changes in family circumstances.
Contact Wright Street Lawyers for Estate Planning Assistance
If you are a single individual in Adelaide, South Australia, seeking professional guidance on estate planning, the
experienced team at Wright Street Lawyers is here to help. Our firm specialises in family law, estate planning,
probate, and criminal defense, and we can assist you in creating a comprehensive estate plan tailored to your unique
needs.
Contact Wright Street Lawyers today to schedule a consultation and take the first step towards securing your future.
