Many people assume that estate planning is for married couples, because they have a spouse or children to support. Singles, on the other hand, may not have a need to provide protection for another person. Instead, they need to focus on their own protection and lay the groundwork for allowing someone else to make financial and medical decisions if they aren’t able to do so. In addition, there may not be a clear set of beneficiaries.
Contact Jennifer Nixon to set up an appointment today, and learn more about the estate planning process below.
1. Decision Making Upon Incapacitation
When you’re single, it’s important to consider who can help make decisions for you if you’re in a coma or otherwise incapacitated. An estate planning attorney can create the necessary documents to specify who is able to make financial and medical decisions on your behalf.
Without these documents in place, your medical and financial future are in the hands of a court-appointed conservator. These steps can take quite a while, slowing down any care you or your estate need, and you won’t have any say in the results.
2. Ensure Your Wishes Are Carried Out
Without estate planning, you’ll have no say in how your estate is distributed after your death. Without a will, state law will decide where your assets go, which may or may not reflect your wishes. If you don’t have any children or other blood relatives to designate as beneficiaries, you might prefer to choose friends, or spread it out amongst many extended relatives.
3. Make Sure Donations Go Where You Desire
If you plan to make donations as a single person, it’s vital to have them written down in a will so the state doesn’t have to decide where your money will go. Using a donor-advised fund will allow you to fulfill charitable intentions as part of your estate plan.