If you haven’t married or are divorced and widowed, then you might think that estate planning isn’t your cup of tea, but it is. Yes! Estate Planning is essential for everyone, especially for a single person. But do you want to leave your whole life’s earnings/assets/property open for the court to decide where it goes? We don’t so! You have worked long and hard for what you have, and now you should have a say in who inherits it. That said, you need to have a good estate plan which includes a Will Trust or both.
First of all, estate planning comes with its benefits. You can plan for marriage, retirement, healthcare, and death through a properly drafted estate plan. You should always be prepared even for the worst of situations; estate planning is a great place to start. It doesn’t matter if you are married, single, widowed, or divorced; we all have a person, relatives, siblings, or friends we love and care for. So, to benefit our loved ones and ensure that we have a say, we should do estate planning.
Estate Planning for Singles
Estate planning for singles is essential because we all need to find someone who will get all or part of our estate and who will carry forward with it. As a single person, if you have never been married and have no kids, it can be challenging to decide on whom to leave your estate to. As a divorced or widowed individual without kids, it, too, can be challenging to choose a beneficiary. A beneficiary can and should be your children, a close family member, or a good friend. However, a single person can leave everything or a part of their estate to a charity or another non-profit organization if they wish to.
You must know that if you die without an estate plan and are single, the court will find the closest relative and make them the beneficiary. This might work for you and already be aligned with your current wishes, but for most, having control and a say means a lot. We always like to say it is nice to be able to control a piece of the future today, and estate planning is just that.
Estate Planning benefits for Singles
Estate planning comes with lots of benefits, especially if you are single. If you are young, single, and looking to get married, one-day estate planning can help protect your assets from being part of marital property. Why is this important? No one wishes to speak about divorce before getting married, yet divorce has become a more frequent topic. Estate planning can help the uncomfortable discussion of discussing a prenuptial agreement. This is also an essential consideration for those divorced or widowed yet back to dating. You never know why not have your assets tucked away and well protected when you meet the one.
For singles, Estate planning is not just about asset protection or the pass-through of assets to the chosen person. It is also essential to think about who will take care of you if you are sick, start suffering from dementia, or, god forbid, end up in a car accident and unable to take care of yourself. Who will be responsible or, better yet, able to make medical decisions on your behalf? Who can make financial decisions or access your finances to better care for you once you cannot do it yourself? These issues can be addressed through proper planning and with the help of a good estate planning lawyer.
What if you don’t have anyone to make a beneficiary?
In some cases, you may have no one around that you trust, love, or would like to leave your assets to. You may not have someone to act as your healthcare proxy or power of attorney or even take care of your burial arrangements. In these rare but not uncommon cases, we suggest turning to a professional such as your attorney, accountant, or doctor to play this role in your life for a fee. It is always best to plan and know when the time comes, even if it is at a cost; there is someone to look after you and your affairs.
Ultimately, being single isn’t easy, and planning when single can prove tricky. Seeking proper guidance from an experienced attorney is always advised. Our law firm offers free consultations. So don’t wait. Call us today to find out how planning can help you!