You are independent and enjoying the perks of your single life. You may not be wealthy, but you’ve worked hard for what you have. You care about your possessions, your home, your assets—and you want to have a say in what happens to those things if you pass away unexpectedly. Without an estate plan, a judge who doesn’t know you or your wishes will make those decisions for you. Why should a judge who doesn’t know you get to decide where your money and your things go? With an estate plan, you get to be the one who makes all of those decisions.
When you’re single, you may not think about estate planning as a priority. However, you have no way of knowing what the future holds, and the sooner you plan for the possibilities, the better. For single parents, estate planning is even more urgent, since you do not have anyone who could handle your day-to-day finances and who would automatically receive custody of your children.
As a single person, not having an estate plan can cost you and/or your family significant heartache, money and time. Consider the following scenarios.
- Imagine if you have a medical emergency and cannot make medical decisions for yourself. Who would be able to tell the doctors what you would want? Who will make important medical decisions for you? What types of medical care do you want (or not want)? Who will have the legal authority to care for your minor children while you are hospitalized?
- Imagine if you are incapacitated or disabled and cannot manage your finances. Who will have access to your money? Who will continue to pay your bills or rent/mortgage so you don’t lose your home? Who will manage your money? If you have minor children, who will take care of them?
- Imagine if you pass away unexpectedly. What will become of your possessions and assets? Who will inherit your property and assets? If you have minor children, who will take care of them?
Seizing the Moment
Your single lifestyle gives you unique freedoms and advantages in the present; but don’t forget to plan for the future. Make sure that you protect yourself, the people you love, and the life that you have worked so hard to build.
Remember, estate planning is not about having a lot of assets to leave behind; it’s about making your own decisions regarding your medical care, possessions, finances and your minor children.
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About Nicole K. White
After losing a close relative, Nicole witnessed the devastation, enormous expense and chaos caused by not having a simple estate plan. It is Nicole’s mission to educate parents, especially single parents, about protecting themselves, their families, minor children, and assets with comprehensive Estate Planning.
