Are you single? Do you need to have an estate plan if you are single? Even though you are single, it is important that you have an estate plan. Even though you don’t have any children and you aren’t married, you need to ensure that you have an estate plan in place. There are some useful tips when it comes to estate planning for singles. Carry on reading on below to discover these tips.
What does estate planning for singles involve?
Being single, you may be curious about what estate planning involves. Estate planning for a single person cannot be neglected.
Single people, consider the following when it comes to your estate plan:
- Make the time to create an estate plan. This is vital.
- You need to have a will.
- Consider which people you are going to leave your assets to. Will your assets go to your friends or to your family members? You need to make this decision.
- Put a power of attorney and health care proxy in place. These documents are going to allow you to choose which person is going to make essential medical and financial decisions on your behalf, if you are unable to make them for yourself. As you are a single person, it is crucial that you name a person that you trust to make these all-important decisions for you.
- You need to see to it that the beneficiary designations on your life insurance do reflect your current wishes.
These are all points that you need to consider regarding your estate plan.
What else should you keep in mind when it comes to your estate plan?
Once you have an estate plan, make sure to review your estate plan on a constant basis. If there are any changes that you want to make to your estate planning documents, then you can go ahead and do so. With an estate plan, you can have control over who receives your assets when you pass away. With an estate plan, you can ensure that your loved ones are going to receive your assets when you are no longer around.
Don’t wait to have an estate plan. Estate planning for singles is so imperative. Make sure that you have an estate plan, if you are a single person.
DR MERVIN MESSIAS
JD (Juris Doctor) / BA, LLB (Wits) / TEP (Trust & Estate Practitioner) / MTP (Master Tax Practitioner – S.A)