Should singles tackle estate planning?

On Behalf of | Nov 25, 2021 | Estate Planning | 0 comments

Some people think estate planning is only for individuals with families and wealth. However, planning your estate is just as important even if you are not married and do not have children.

When you recognize the benefit of thinking ahead, you can develop a personalized plan that meets your needs. Here are some suggestions for estate planning for singles.

Set goals for your future

Goal setting is an excellent way to help you decide which aspects of estate planning are most applicable to your situation. For example, if you own a business, succession planning will play a central role in your estate plan. Similarly, if you anticipate acquiring an inheritance of substantial value, you may want to determine ownership of these funds should something happen to you.

Some different angles of estate planning that may appeal to you include the following:

  • Life insurance
  • Trusts
  • Will
  • Distribution of financial assets

Determine the help you need

Closing an estate requires the participation of several people. Bearing this in mind, consider who you want to play a role in your plan. According to Fidelity, these may include beneficiaries, powers of attorney, witnesses and an executor. Each of these people will play a vital role in seeing that the execution of your estate plan aligns with your final wishes.

A well-written plan will provide room for growth. As your life changes, you can update your plan and add information to improve its function. Regardless of whether or not you remain single, having an estate plan can provide a lot of value as you set goals for your future.