Singles need to plan for unexpected circumstances possibly even more urgently than those who are married.
REASON #1: Singles need to choose their decision-makers.
Being single can be awesome, but one drawback is that without a spouse, it is not always obvious who should make decisions for you when you cannot make them for yourself.
If you are single, how does the doctor, the bank, or the judge know who can step in on your behalf?
Consider a scenario where you are injured, in the hospital, and your doctor needs to choose from two treatment options. Option A has a lower chance of saving your life but is safer. Option B has a higher chance of saving your life but could cause other complications. How does the doctor proceed? Who tells the doctor what to do? Creating an advance medical directive solves this issue because you have already named someone you trust to give instructions to the doctor.
You should also name someone to handle your affairs after you die. Without a will that names a personal representative, anyone can step in and be appointed by the court, whether or not you would have chosen them directly.
REASON#2: Singles need to choose their beneficiaries.
Both Virginia and Maryland have default plans for people who do not have wills, and they aren’t great for singles. It assumes that most individuals are part of a nuclear family. If you are not, the plan can be far less than ideal.
For instance, it does not account for significant others who you would want to be a beneficiary of your estate. It also doesn’t account for other important people in your life. As a single person, you may have a strong support system that does not mimic the traditional family. Unless you write down your instructions of who should get your belongings after you die, the default plan will kick in which likely does not look like the plan you would have arranged for yourself.
REASON #3: Singles need to design their plan around their unique lives.
Singles lead varied, rich lives which may require a unique approach to estate planning. For instance, singles may want a portion of their assets to be donated to charity. Singles who have children will need to make sure that their children are cared for and a guardian is named (if the children are minors). This could require a trust.
Bottom line: Singles need an estate plan. When you’re ready, we’re ready. Schedule a time to chat to get started.