Estate Planning (Single)

If you are single and have assets and/or children, you should  consider setting up a revocable living trust under which you would serve as your own trustee.  This agreement would be revocable so that you could either amend or revoke it at any time.  Consequently, you would remain in complete control of your assets.  You retain complete flexibility to manage and sell you own assets.  There is no need to report to anyone, to file any accountings or to file separate income tax returns.  This form of trust has a minimum of "humbug".  The advantages of using a revocable trust are:

If you become incapacitated through illness or injury the successor trustee which you name in the trust agreement (a family member, a friend or a trust company) could step in and take over the management of your assets and pay your bills without the need for a court appointed guardian.

Upon your death, the successor trustee named in your trust agreement could immediately take over the management of your trust and have access to your bank accounts and other assets without having to go through probate and wait for the court to appoint a personal representative of your estate.  Your assets would then be distributed to your beneficiaries or continued to be managed for your beneficiaries without going through probate.

Upon your death, tangible personal property (items such as furniture furnishing, jewelry, clothing and personal effects) could be distributed either according to a separate list or among your children as they agree.  The balance of the trust could either then be distributed to your children or continued to be held in trust for the benefit of your children until they have reached ore mature ages.  The trust, of course, could be distributed to whoever you designate in the trust agreement in whatever proportions you wish.