Estate planning is often associated with having a family, substantial wealth or both. You may even wonder what the purpose of estate planning is if you have no children and no plans to marry. However, it can do more than ensure your assets are handled according to your wishes. Whether you’re single, married, young or older, estate planning can offer you peace of mind for the future.
It provides you control over your assets
When you die without a will, the state will determine how your assets are distributed, regardless of your preferences. Generally, your possessions should go to your spouse and minor children. Without marriage or children, the state may distribute your assets to your closest surviving relative.
Depending on how you feel about them, you might not want to leave your estate to your parents, siblings or distant relatives. Furthermore, a significant other you did not marry could be left out of your estate. Drafting an estate plan can ensure that your assets go to the people you care about.
It protects you in case of disability or incapacity
Accidents and illnesses can spring into your life out of nowhere. Severe health conditions or injuries may cause incapacity or disability, making it difficult to look after yourself and your estate.
Estate planning instruments such as a living will or a durable medical power of attorney can allow someone to communicate your wishes on your behalf when you lose the ability to.
It’s easy to think that estate planning doesn’t apply to you if you’re single or don’t believe you’ve amassed enough wealth. The benefits of estate planning extend beyond just leaving something behind for your loved ones. In the event of an emergency, having a plan in place helps ensure that you get the treatment you want and need.
