Single? You Still Need an Estate Plan

Many people believe that if they are single, they do not need a will or other estate planning documents. But estate planning is just as important for single people as it is for couples and families.

Estate planning lets you ensure that your property goes to the people you want, in the way you want, and when you want. Without a plan, the state decides who gets your property and who makes decisions for you if you become incapacitated — and those are not necessarily the choices you would have made. A plan can also reduce taxes and court costs for the people you leave behind.

The most basic estate planning document is a will. If you do not have one, your estate will be distributed according to state law. In most states that means your children, or other living relatives if you have no children. If you have no living relatives at all, your estate goes to the state.

Single people should also have a durable power of attorney and a health care power of attorney, naming someone they trust to handle finances and medical decisions. Without them, a court may have to appoint someone.