Planning for the future is an important step for adults of all ages and income levels, but it is also important for both single and married individuals. You may assume that estate planning is most beneficial for married adults, but this is not necessarily the case. There are benefits to having a plan in place regardless of one’s wealth, goals for the future and other factors. Failure to have an estate plan in place could result in complications for heirs and beneficiaries.
There is a common misconception that most California adults eventually get married and have children. While this is the case for many people, you may not follow that path. This does not make it less important for you to have an estate plan in place. In fact, it may be more important for single adults to place a priority on creating certain documents so that they can have a measure of control over their futures.
What do you need for long-term security?
The intent of any estate plan is to provide one with the security he or she needs to face the future with confidence. By creating certain documents and making your wishes known, you can have the final say over certain important matters that could impact you or your loved ones. Important estate planning documents you may need to include in your long-term legal and financial strategy include:
- Health care power of attorney
- Living will
A will outlines your preferences regarding what you want to happen with your personal property after you pass, and you can even name a guardian for beloved pets that you want to provide for in your absence. A health care power of attorney and living will allow you to have control over critical medical decisions in case of your incapacitation, and a trust allows you to set aside and designate certain assets for a specific use.
Your best interests
As a single adult, you would be wise to be aware of the steps you need to take to have legal and financial protection. An assessment of your estate, goals for the future and other factors could help you create an estate plan that will provide you with security and peace of mind. Estate planning is for everyone, regardless of marital status.