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On Your Own Now: Estate Planning for One

Once you've lost your spouse, you may realize the importance of a sound estate plan. Now that you're on your own, it's time again to review your options and plan for the future of your loved ones.

Certainly you want your loved ones to benefit from your own careful and thoughtful planning. While a married couple's main concern is for the survivor, as a single person, you have more choices. Perhaps you have children and grandchildren, and you must decide how much you want to leave to each of them. The needs of some beneficiaries may be greater than those of others. In addition, you may want to consider ways to remember your favorite charitable organizations, such as Sisters Hospital Foundation.

First, don't overlook your own financial security. When you were married, you may have counted on your partner to step in and manage the family finances if you were ill or incapacitated. Now you may need to appoint someone else.

Planning Tips
Here are some time-tested strategies to ensure your own lifetime security and also plan for your eventual beneficiaries:

Powers of attorney. Ask your lawyer to prepare a durable power of attorney by which you authorize a trusted individual, perhaps a son or daughter, to sign checks, legal papers, tax returns, etc. on your behalf. Similarly, execute a legally recognized form, a health care power of attorney, that lets you delegate the authority to make health care decisions.
New will. While your old will probably named contingent beneficiaries, it was likely intended to mainly benefit your spouse. Your beneficiaries and their circumstances may have changed, and you may want to add individuals and charitable organizations, such as Sisters Hospital Foundation. Discuss your wishes with your attorney. Ask about ways to minimize estate taxes, too.
Living trust. You can create a trust for your own benefit, reserving the right to amend or revoke it. A key purpose of a living trust is to designate a professional trustee to manage your investments.

If you are alone, you may find this reassuring. After your lifetime, the trust remainder will avoid probate and pass directly to your chosen beneficiaries.
Life income plan. We offer many attractive deferred-giving options designed to help you achieve your lifetime financial needs and ultimately fulfill your philanthropic goals for us. For example, a charitable remainder annuity trust will pay you a dependable fixed income for life. It can be established with cash, appreciated securities or other marketable assets.

We can explain this and other opportunities as well as their tax-saving benefits.

Please call Julie Snyder at 716-862-1992, or e-mail us at jsnyder@chsbuffalo.org, for more information.

The information in this Web site is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income tax include federal taxes only. Individual state taxes and/or state law may impact your results.