So you are single and you have limited assets. Though you think there is nothing to leave, you might be surprised at how many assets you have and where they will go because you didn’t plan for them. A person who dies without a Will leaves their assets in the hands of the courts, which means a judge will determine who inherits your assets – regardless of whether you would have left it to that person or not. So before you assume that you do not need an estate plan, consider these reasons why all single people should.
10 Reasons for an Estate Plan
- You need to designate who receives your retirement fund.
- You need to determine who will receive your home and how they will pay the remaining balance of the mortgage – if any.
- You have debts and you need to determine who will pay them and how they will be paid.
- You need to decide how you will be taken care of after death and who will pay for the funeral expenses.
- You need to decide who will inherit your vehicle and how its remaining balance will be taken care of.
- You need to pick a personal representative who will make decisions for you if you are incapacitated or too ill to make them for yourself.
- You need to determine who will inventory your personal effects and who will receive them, such as jewelry, furniture and clothes.
- You need to determine what will happen to your investments.
- You need to determine who will make medical decisions on your behalf and how they will pay for your medical care.
- You need to plan for incapacitated parents or loved ones if you are responsible for caring for them.