Financial Back-Up Plan for Single People

  Single and happyWhile we all should have plans for that time when we are unable to manage our own health care, finances or our estate after we die, singles need a financial back-up as much, if not, more than the rest of us.

When you have a partner or children, it’s an easier choice. Spouses or children are a built-in backup person for many of us.  However, what if you’re unmarried and don’t have children or a close relative?  In many instances, singles don’t have a backup plan. If you are young and single, then you typically aren’t thinking about a worst-case scenario at all.

Here are the types of things that this backup person would do for you. First is access your cash. Your backup would have access to money, in the event of an emergency.  You'll require someone to make healthcare decisions if you're incapacitated.  Therefore, this person would also be your health care agent. You would grant your agent a power of attorney for healthcare.  You’ll also need someone to make financial decisions on your behalf if you’re incapacitated. You would also grant power of attorney to your trusted agent for this function.

Finally, you'll need an executor of your will.  What this means is that your backup will have access to some very sensitive information about you and your assets. Here’s a way to keep it safe and private, until it’s needed.

First, make a list of your assets, debts, and insurance policies, plus copies of your passport, and place them in a sealed envelope. Your financial package should include your passwords to bank accounts, credit cards, e-mails, and social media accounts.

Give the envelope to your backup person. A copy would also go to your estate planning attorney and your executor. Your health care agent would have a copy of your insurance policies.  Update this package every year.  The recipients of this envelope don't have to open it, but they should know where it is, in the case of an emergency.

Reference: fox5atlanta.com (June 14, 2018) “Estate, emergency planning for single people”


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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
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Thank you, Walt and the Zaremba Team

Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.