Is Estate Planning Necessary For Single People With No Children?
Some unmarried people – particularly those who do not have children – may think a Last Will and Testament is unnecessary. They may think that the main purpose of these documents is to ensure that dependents are cared for, and without such concerns, the documents are unnecessary.
Kids Or Not, Estate Planning Matters
The truth of the matter is, estate planning is important whether or not there are kids or spouses in the equation.
If a person dies without a Last Will and Testament, it is called “intestate.” When this happens, the state’s laws dictate what happens with all assets. Often these laws do not match with a person’s personal beliefs or intentions.
Even if you do not have many personal possessions, it helps to have a document explaining your wishes. You may have favorite charities that could stand to gain from your years of hard work and diligence. Or you may have friends that you could assist in the event of your untimely passing.
Another aspect of an estate plan, which is important to consider, is the Power of Attorney. If you are unable to make decisions for yourself – if you get into a debilitating car accident, for example, and are unable to communicate – then you should have a person named to handle your financial concerns.
A Living Will and Healthcare Power of Attorney, or advance directives, are also part of your estate planning. Such documents let you decide what kind of medical care you would like to receive – or not receive – should you become grievously injured or are unable to make healthcare decisions for yourself. If you do not want to be put on artificial life support, you should specify this in a living will.