A common misconception is that estate planning is only for married people and families. That is simply not true and, because nearly 47 percent of the adult population is single, it’s more important than ever to consider estate planning for singles.
Making estate plans is vitally important if you are a single person, and your planning will differ in many ways from planning for married persons. Further, if you are a single baby boomer, your financial strategies will be different than those for younger single people. Here are some planning tips for single persons:
- Plan to leave your assets in a way that you want. If you don’t make a plan, the state has a default plan for you that won’t be customized at all. You might have certain family members that you want to receive your assets, but if you don’t plan for certain people to receive certain of your assets, it may not happen. Those people or charities probably won’t receive your assets because the state’s default plan will not take into account your own personal preferences.
- Plan for incapacity. A medical power of attorney and a financial power of attorney make sure that your wishes are carried out during periods of incapacity. These documents are very important for a single person because there is no spouse to make these decisions if you become incapacitated. These documents allow you to appoint someone you trust to make these decisions for you.
- Plan for retirement. If you are nearing retirement age, try to remain employed as long as possible to increase retirement savings and Social Security benefits. If you are younger, put aside as much money as you can each year into a 401k or other retirement savings vehicle. People of all ages should also consider purchasing long-term care and disability insurance.
Calling an experienced San Antonio wills and estates attorney today will help get these plans in place so that you can coast into your golden years.