Single people, you’re not off the hook when it comes to Estate Planning

Single folks when it comes to having an estate plan, don’t think you’ve beat the system because you don’t have a spouse (or children for that matter). If you think you don’t need to worry about your estate where someone else is concerned, think again. Being single doesn’t mean you don’t have a legacy to pass on. In your case, you just have to be more intentional about it.

If you’re an adult – single or married – then you need a financial plan. If you have finances, you need a plan – that’s one side of the coin. The other side, and just as equally important, is your estate plan. If you’ve spent your life building your estate (while alive, we’ll call your finances) what have you chosen to do with it all when you’re no longer here? For that matter, what have you chosen to do with it if you reach a point in your life that you can’t manage it or make decisions on your own behalf?

Very often, in my own practice, I am told by single folks that estate planning isn’t that crucial for them because they don’t have kids or a spouse to be concerned about upon their death. I use that conversation as a teachable moment. I ask them, in the absence of a spouse, who is there to jump in to help during any sickness, possible incapacity, and at the time of death? A spouse is a default person, of sorts, and the law regards them in a way that is not the same for a non-spouse. The law affords a spouses privileges that a non-spouse does not have with regard to your estate, your finances, and even your health care.

An estate plan, ultimately, is an empowering way to communicate your wishes. It tells the world who you are and who the people in your life are in relation to you. It also describes your legacy and how you want that to be distributed at your death, and it sets out whom you’ve chosen to do that. An estate plan puts you in charge when you have the capacity to make those decisions for yourself and not someone else chosen for you if you can no longer decide due to sickness or poor health.

What if you’re single but you do have children? Well, estate planning is even more crucial then. Who will care for your children if you no longer can? And what happens to them when you do pass? No children? Pets? Do you have a plan for them if something happens to your fur babies? Many would be heartbroken to know how many animals end up in shelters because someone has passed away and not made arrangements for them, or someone is too sick to care for them.

A conversation about Estate Planning is easier than you think. Take care of yourself, your legacy, and those you leave behind – humans, as well as critters. You can leave a lasting impact through proper estate planning, and make sure your legacy is preserved on your own terms. The hardest thing to do is just to start, but boy, how it’s worth it when you do. I guarantee if you make a start, the rest will be smooth sailing. Fortune favors the brave, and I know you can do it. And when you make that start, I’m just a phone call or an email away