It is easy to think that only people who have children and those who are wealthy need to make an estate plan. This is far from the truth. Even a single person who doesn’t have children and doesn’t have considerable assets should have a plan in place.
You have to remember that your estate will default to the state’s laws if you don’t have a plan in place. Think carefully about what you want to happen to your assets if you pass away, but don’t stop there. You should also make plans for what needs to happen if you are incapacitated.
- End-of-life plans: Your living will should outline what medical interventions you want to accept and which ones you flat out refuse. This helps medical professionals to determine how to handle your case if you can’t speak up for yourself. It works together with the decisions your medical power of attorney makes, so be sure they fully understand your wishes.
- Family members: You can use your estate plan to help your family members out if you pass away. Setting up a will and establishing trusts can help to ensure your goals are met in this area.
- Charitable gifts: Some single people opt to pass along all or some of their assets to charity. You can do this through your estate plan, but only if it is handled in the proper manner. Trusts are a great way to pass things along to a favorite charity.
Discuss your plans with your loved ones, so they know that you have everything in order. This can help you and them to feel more at peace.