Estate planning is often thought of as something that’s necessary for a person who has a family. They may not even consider the fact that a single person needs to have an estate plan in place. Making sure that you have this together if you’re single is important so you can ensure that your intent for your assets is made clear.
Carefully considering each of these points is critical so you can get the plan in order now. This enables your loved ones to ensure they know exactly what you want and can follow those wishes.
Plan for your assets
Every asset that you have needs a home in your estate plan. While most people think that they can do this through their will, it’s often wise to consider a trust, instead. Trusts don’t have to go through the probate process so they’re a faster and less costly way to get the assets where they should be.
Set the transfer for financial accounts
The easiest way to set up the transfer of bank, savings, and retirement accounts to the intended person is to name them as the payable on death designee. Once you pass away, those assets will go to that person. Any assets that are covered by a payable on death designation shouldn’t be named in the will or in any trusts.
Taking the time to get the estate plan in order is crucial for any adult who’s single. You should set the plan up for what you want now. If things change in the future, you can change the estate plan. Working with someone who understands your wishes is important so they can help you to get everything set up so it’s legally enforceable.