Single? You Still Need an Estate Plan

If you’re single with no children, an estate plan can help ensure your wishes will be carried out and important decisions remain in trusted hands.

Without a will, state intestacy laws generally determine who inherits assets. While beneficiary designations may control certain accounts, assets without beneficiary designations or joint ownership typically pass according to state law. For singles with no children, state law may call for assets to be distributed to relatives such as parents, siblings, aunts and uncles, or cousins. If no relatives can be located, assets may pass to the state.

For wealthier singles, there are also estate tax considerations. Singles with significant assets should consider estate planning techniques such as trusts to help minimize taxes.

Additionally, powers of attorney can allow someone you trust to handle financial matters and make medical decisions on your behalf if you become incapacitated.