I’m Single Person, Without Children. Why Do I Need an Estate Plan?

The ISSUE: I’m single and have no children or dependents. Why would I need an Estate Plan?

The SOLUTION: Many adults tend to overlook the importance of estate planning. However, if you are single and have no children, you might mistakenly believe that creating an estate plan is unnecessary. The truth is that having an estate plan is crucial, and it may be even more significant for you as a single and childless person. Proper estate planning is crucial to safeguarding your wealth, assets, and even your life. Without it, you risk leaving your surviving family and friends to deal with potential conflict, mess, and expense if something unexpected happens to you.

Here are three key reasons I feel that even single folks without children should consider estate planning:

1. Someone Will Have to Deal With Your Stuff

Without a clear estate plan, including a will or trust, your financial assets, physical property, and even digital assets will go through probate, where a judge and state law will decide who gets everything you own. It could lead to a costly and contentious court battle, and if no family members come forward, your assets will become the property of the state.

2. Someone Will Have Power Over Your Healthcare

If you are incapacitated and unable to consent to a medical procedure, a judge will decide who will make that decision on your behalf. This can be a complicated process and lead to a situation where a family member is chosen to make decisions instead of your partner, even if you have a romantic relationship.  Or a private guardian could be appointed– who doesn’t personally know you or your wishes. By having a medical power of attorney in place, you can avoid such scenarios and ensure that you chose the person who is making decisions about your healthcare.

3. Someone Will Get Power Over Your Finances

As with healthcare decisions, if you become incapacitated and haven’t legally named someone to handle your finances while you’re unable to do so, the court will pick someone for you. To make it easier to access your finances, it’s recommended that you assign durable financial power of attorney to a trustworthy individual. This can eliminate the need for your family or friends to personally visit the court. It’s important to select someone who is reliable and responsible for managing your financial interests. If you don’t have a signed durable financial power of attorney, the court may appoint an unsuitable person to handle your assets. This could lead to mismanagement or even loss of your assets. Or the court could appoint a private conservator– which could get expensive.

If you are single and don’t yet have an estate plan, please contact me today and schedule a 15-minute discovery call. Let’s get started securing your future!