Some individuals think that it’s easier to create an estate plan for someone who is single than for someone who is married. While there are some aspects that might be easier, there are also a lot of components that need to be carefully considered for those who are single and without children.
One challenging aspect of being a single person without children is that you will have to set a definitive plan in place for your assets. If you don’t set up an estate plan, when you pass away, the order found in the state’s intestate laws will dictate where your assets go. Typically, they will go to your parents if they’re still alive. If they aren’t, your siblings are next in line.
For some single people, taking care of nieces and nephews is the priority. In order to accomplish this, you can set up a revocable trust. The key to doing this is to set up the terms you want followed after you die.You also must ensure that you actually fund the trust. If something happens to you and you’re incapacitated, the person named as the successor trustee will be able to use the trust for your care.
As you’re setting up the estate plan, don’t forget to designate a power of attorney. You can set one for your finances and one for your health care so someone can make decisions in those areas for you. Additionally, get your living will and your last will and testament set up to reflect your wishes. Your attorney can help ensure that your estate plan is written to reflect your wishes.