Every person should have an estate plan, especially if you are single. Single individuals have a few different factors to consider when it comes to estate planning compared to married couples.
Single people cannot rely on their spouse to help pay for costs if they ever become incapacitated or can no longer work. Single people also need to designate someone to make medical and financial decisions on their behalf.
These are just a few factors to consider if you are single when it comes to estate planning. Your estate plan can make sure your wishes are known and honored if you become incapacitated or pass away.
Do not make the mistake of failing to create an estate plan is unique to your needs. All individuals should have the following documents in their estate plan:
- Living will
- Power of attorney
- Health care power of attorney
You may also want to consider having a revocable trust as part of your estate plan to make sure your assets are passed on to the proper people.
You cannot predict the future, but you can plan for it. An estate plan can help you evaluate your specific needs and make sure your family, friends and loved ones know you wishes before it's too late.
It can be difficult to think about becoming incapacitated or passing away. However, creating a plan now can make life easier for you and your loved ones in the future. If you do not have an estate plan or if your estate plan needs to be updated, work with an experienced attorney who can guide you through the entire process.