Do single people need an estate plan?

On Behalf of | Sep 21, 2021 | Estate Planning | 0 comments

Married couples with children may take estate planning seriously. Those with sizeable assets might write a will to make things easier for beneficiaries and surviving partners. Single persons in Oregon should not overlook the benefits of effective estate planning, however. Although a single person might not have significant assets or any close relatives, taking charge of estate planning could be worthwhile.

Estate planning for a single person

Someone without a spouse or any children may not see the benefits of drawing up an estate plan. However, if the person has living relatives, writing a will could ensure assets go to those loved ones. Also, a will may direct assets to charity, including property and money. Leaving them to charity could serve a better cause than seeing assets go to waste.

Single persons must understand that someone might be left with the duties of managing an estate. A will that names a competent executor could allow someone to take charge of those many responsibilities quickly. Once appointed as a legal representative, the executor could handle taxes, bills, property sales, and other tasks.

A wider scope of estate planning

The estate planning process may include more than writing a will, and many estate plans deal with matters connected to a living individual. A single person might find signing a power of attorney document could leave transfer decisions and responsibilities to someone more capable of handling them. Perhaps there’s a relative capable of investing money and otherwise financially managing someone’s affairs.

Health and medical issues could become part of an estate plan. A living will or a health care proxy provides ways to handle medical decisions if someone goes into a coma or is on life support. Incapacitated persons can’t make decisions for themselves, although they could establish their wishes in a living will. A health care proxy would allow them to designate authority to a trusted agent.

Estate planning entails more than many realize. Single persons might wish to learn more about the process.