A lot of people don’t think about estate planning until they marry, and possibly not until they have kids. Singles tend to not think about creating a will, but an estate is an estate, and there should always be a plan for it. An estate plan is possibly more important for those who are single since there may not be an obvious heir or next of kin to handle the estate.
Here are three reasons why single people should make estate planning a priority:
- Asset distribution: The first and most obvious reason that singles need estate planning is asset distribution. Singles tend to acquire valuable assets – it’s one of the perks of being single. Their income is solely theirs, and that leads to being able to more freely invest in funds or purchase other valuable items. When it comes time to distribute these assets, it’s much easier to know the person’s wishes than having relatives play guessing games with the estate.
- Health care preferences: Living wills, healthcare preferences, and end-of-life care are part of estate planning. When it comes to singles, having a clearly laid-out health plan is even more important than assets that are usually the focus of wills since there may not be someone available to take care of the person’s health needs. Or, there may be someone who isn’t family, in which case, legal action needs to be taken to designate that person as a caretaker.
- Single with kids: Having kids in the equation raises a whole new set of questions in estate planning. It’s so important to have a clear estate plan that includes very specific guardianship provisions for children when the parent is single. Immediate guardianship needs to be established, as well as long-term care of children and how any estate will be distributed to them.
If you’re single and in need of an estate plan in Raleigh, contact Thornton Law Firm.