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Estate Planning for Singles

November 12, 2020
By: John Kazary, Esq., CTFA, Vice President and Wealth Trust Advisor, Univest Bank and Trust Co.

Estate planning for married couples is often quite elementary. Wills are written giving all property to the surviving spouse or, if your spouse predeceases, to the children. If incapacity planning is desired, a general power of attorney naming your spouse as agent is a simple solution. There is no urgency to plan around the Pennsylvania Inheritance Tax because the tax rate between spouses is 0%.

However, estate planning for singles is not so easy. Single people need to make tough decisions regarding their wills. If you have no children, where do you want assets to go upon death and who do you want to name as executor to administer your estate? If you are single and have young children, should a trust be created under your will to manage those assets for the benefit of those young children, independently of a divorced spouse? If you are single and have adult children, do you trust the abilities, perseverance and integrity of any of them to serve as the executor? Should a trust be created under your will to preserve and protect your assets for your adult children?

Incapacity planning is also more complicated for singles. Do you have confidence that your children or someone else has the time, integrity, proximity and competence to manage your financial affairs should a disability prevent you from performing these duties?

The solution for many singles is to put their faith in a professional fiduciary such as Univest. Our trust department is staffed with people who have the experience, training and empathy to impartially serve as executor of your estate, agent of your power of attorney or trustee of a trust.

Now is a great time to reevaluate your estate plan. Since 1928, Univest’s committed trust services team has provided financial, trust and estate planning solutions. Call Univest today at 877-723-5571 to set up a free, no-obligation appointment to meet with one of our senior financial advisors.


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Trust services are offered through Univest Bank and Trust Co. Products and services offered are not FDIC insured, are not a deposit of or bank guaranteed, and are subject to risks, including possible loss of any principal amount invested.