Estate Planning

The Basics of Estate Planning for Unmarried Adults With and Without Children

If you don’t have a surviving spouse, estate planning can become a complicated affair with or without children. Unmarried adults have specific estate planning concerns that they should consider with the help of an experienced law firm like Mobley and Brown, LLP. 

Unmarried Adults With Children

Estate planning for unmarried adults with children can be straightforward if you are interested in passing on your assets to your children. It’s important that you formalize your intentions in a will, even if you want everything to be passed to your children. Without a will, Maryland will follow intestate succession laws. Under intestate succession laws, your children will automatically inherit everything if you are an unmarried adult. 

Unmarried Adults Without Children

If you are an unmarried adult without children, your estate planning situation could be complex. You do not only need to decide what will happen to your assets when you are no longer here, but also who to name as executor of your will and who you trust to make decisions on your behalf if you are incapacitated. In many cases, estate planning will involve focusing on your interests and tying them in with charitable giving. What do you care about? How could you use your assets to give back to the world? If you’re interested in education, you could create a scholarship at a school that you went to. Your estate planning could also involve starting to distribute your assets while you are still here. If you start gifting money during retirement and have the means to do so, you could see the fruits of your labor. 

A Will Matters

Unmarried adults with or without children need to have a will in Maryland. If you do not have a will in place, the state of Maryland will get to decide how all of your physical and financial assets are divided up. Without a will, you will not get to have a say in how all of the things that belong to you are distributed when you are no longer here. Mobley and Brown, LLP can assist you with estate planning and creating a will that reflects who you are and your priorities. 

Trust Mobley and Brown, LLP for Your Estate Planning

If you are seeking assistance in estate planning whether or not you are married or a parent, contact Mobley and Brown, LLP today. Our experienced legal team will work with you to meet your needs. Call us now at (410) 385-0398.