If you’re someone who has looked into estate planning but realized that it’s normally spoken of in terms of taking care of families or children, then you may have thought that it’s not for you. You’re single, you have no siblings and your parents passed away. You’re essentially on your own, so you’re not sure that an estate plan is actually necessary.
Even if you’re single, it’s a good idea to have an estate plan. Remember that an estate plan is not just there to tell people what you want after your death. It is also there to help protect you during your life. For example, if you are injured badly in a car crash and can’t make your own medical decisions, your health care proxy could be there to speak on your behalf and make your wishes known.
As a single person, estate planning is still important for you. Your life may change, and you could end up with a family or get married later on. You could also stay single but have good friends, godchildren or others that you want to provide support for after your passing.
If you don’t create your own estate plan, the state’s laws will dictate how your assets are distributed upon your death. You may prefer to set aside assets in a charitable contribution trust or to will them to a good friend or their family members.
Your attorney can help you look into estate planning and how it can help you. Being single doesn’t mean you don’t need one, so it’s a good idea to see how it can benefit you.