If you are single, don’t have children or don’t have significant assets, an estate plan is still very important for you.
When we do an estate plan, we’re not only doing death planning but we are also planning for potential incapacity. And if you were to become incapacitated, whether temporarily or permanently, that is one of the most complicated and expensive things that could happen to you in terms of the law.
You would be subject to what’s called a conservatorship. And if you were to have a power of attorney and advanced healthcare directive (medical power of attorney) set up, you could potentially avoid a conservatorship. So the fact that you are single does not mean that you don’t have close family members or friends that would be concerned and want to take care of you should something bad happen to you.
If have these documents in place, it will be much more simple. It will be cheaper. Everything will happen much faster and your family and friends can take care of you. So an estate plan is very important for you whether you’re single or married, kids, no kids, significant assets or not.
Everyone should have an estate plan.