Everyone, including lifelong singles, should have an estate plan.
If you are not married and do not have any children, you might think you do not need an estate plan, but the NWI Times recently addressed this in “Single childless adults need to plan too.”
As the article points out, if such a person passes away without an estate plan, his or her assets will go to the closest living relative. That means if either parent is still alive, then the parent will get everything.
For some this default approach might be acceptable, but others will want estate plans so their possessions can be inherited by friends or other family members.
Estate planning is also not only about what happens to your possessions after you pass away. One of the most important aspects of estate planning is determining who handles your affairs if you become incapacitated and are unable to handle them yourself.
You need a general durable power of attorney so someone can handle your financial affairs and a health care proxy so someone can make any necessary health care decisions. Because you are an adult, your parents will not have an automatic right to help you and handle everything.
No one likes discussing death, but proper estate planning is necessary.
Reference: NWI Times (July 17, 2016) “Single childless adults need to plan too”
