For those who are single, making a will or an estate plan is probably one of the last things on your mind.
Regardless of whether you plan to get married or have kids, you need to have a way to settle your affairs or protect your medical needs when you either no longer have the capacity to make decisions or you pass on.
Answering the questions everyone faces
Estate planning is important regardless of your age, married or parental status. There are important decisions to make regarding life events that everyone faces. Questions that an estate plan can answer include:
- Who will make medical decisions for you if you lose your faculties or become incapacitated?
- What funds will pay for your death, funeral and burial expenses?
- What happens to your property once you pass on?
Estate planning is a part of preparing your financial future. Without a will, the state makes the decision on what to do with your possessions using intestate succession laws.
Figuring out estate plan options
Even if you have no immediate family when you die, you can have your personal property left to relatives, friends or an organization. You need a trustee or personal representative to oversee the distribution of your property according to the wishes you document in a will and estate plan. You also need to specify your beneficiaries in your paperwork.
Making an estate plan when you are single might seem overwhelming and without a purpose, but it prevents your possessions and money from ending up with the state. You can develop a plan now and change it later when your circumstances change.