When it comes to estate planning, a lot of the focus is on how assets will be left to family members. But what if you’re unmarried and have distant family members? Should you forego estate planning altogether? Certainly not. This week let’s look at why estate planning is important even for those who are unmarried and without close familial ties.
Estate planning for the unmarried
While you might struggle to figure how who will inherit your property, if you’re unmarried then you should start the estate planning process by considering your healthcare directive and your financial power of attorney. If you don’t identify someone to make important medical and financial decisions for you in the event that you become incapacitated, then you have no guarantee that your interests will be full protected. Therefore, carefully think through the people you know and consider naming one of them to act for you in the event that you become unable to act for yourself.
Also, your property is going to be distributed whether you have an estate plan or not. If you forego estate planning, then the state is going to control how your assets are distributed. As we’ve discussed previously on the blog, this could leave your assets in the hands of someone you don’t even really know. So, fully consider your assets and where they’d be best. That could be with a distant family member, a friend, or even a charitable organization.
Take the holistic approach that you deserve
You can do a lot of good with your estate if you engage in sound estate planning. You just have to identify your priorities. Once you’ve done that, you can explore your estate planning options and act on those that position you to bring your vision into reality.