Do Single People Still Need Estate Plans?

When you consider the question, “Do single people need estate plans?” We would say unequivocally yes. After working hard for the things you have, you deserve to decide what happens to them. You also want to have a plan in place if the day ever comes that you need medical and financial decisions made on your behalf.

Some single people are also parents, and making arrangements for their children is especially important for single parents. Since being single happens for many reasons and in many ways, there is no one-size-fits-all estate plan.

Reasons to Estate Plan

There are many reasons that almost everyone would benefit from estate planning. When a single person faces an illness or medical crisis, it is essential to have someone in charge of their estate. Knowing someone understands your wishes and how to carry them out is a way of providing yourself with security and peace of mind if faced with the unexpected.

If you are a parent, ensuring that you have planned ahead for your child’s care is another crucial reason for planning your estate. One of the most significant responsibilities of parenthood is safeguarding your children in the case of your untimely death or debilitating injury or illness.

You should also consider where you want your assets to go upon your death. Do you have a charity that is close to your heart? Or friends or relatives that you want to inherit your assets? Answering all of these questions while you are in good health makes things much easier when the time comes that those decisions must be made.

Estate Planning 101

Focusing on your own protection is as vitally important to singles as it is to couples. You can create a plan that you feel comfortable with in the future by making choices now. Some of these key points you should consider are listed below:

• Your beneficiaries: You will want to make sure that the beneficiaries of your choosing are listed on your life insurance policies, annuities, bank accounts, and investment accounts. Spend some time determining to whom your assets should be left. Your estate planning attorney will help you figure out the most beneficial way to do this.
• Power of attorney: This person should be someone you trust to make financial decisions for you. Appointing someone eliminates much of the delay that can come from trying to pay bills and withdraw money for home maintenance and other needs.
• Healthcare Proxy: The healthcare proxy, or medical power of attorney, are important documents that give a person you trust with your life the power to make decisions about your healthcare. You will have a chance to outline any medical interventions you wish taken on your behalf, and by making plans ahead of time, you can ensure you receive the kind of care you desire.
• Decisions about long-term care: If you need long-term care at any point, having your wishes written down and information about any insurance options or assets you intend to use to pay for such care can make arrangements much more manageable.
• Pets: If you have a pet, you will want to make arrangements for their care if the day comes when you cannot care for them. Decide who should gain custody of them, speak to them about it, and then put it in writing. You may want to have a note inside your wallet or purse informing emergency personnel that you have animals at home and who they should call to care for them if you are in an emergency medical situation.