Estate planning may seem to have more relevance to families. However, single people can benefit from planning for their future too. Your decision to proactively plan may give you ample time to find a strategy that works with your lifestyle.
When you know some of the reasons why an estate plan could benefit you, getting started may seem more reasonable.
Control your money
Even though you may not have dependents who will rely on your money for survival, you may still desire that those you care about inherit your assets. Similarly, you may have a charity or cause that you feel strongly about. Using an estate plan, you can designate your expectations for the use of your money after your death.
Protect your well-being
You may never know when something unexpected could compromise your physical health and leave you unable to make critical decisions. Fidelity Investments recommends that you think about naming a power of attorney to make financial and medical decisions on your behalf in emergencies. Knowing that your well-being rests in the hands of someone you trust can give you peace of mind.
Over time, your life will change. You may get married, have children, start a business, inherit an estate or benefit from a successful investment. Periodically reviewing your estate plan is a critical step in maintaining its function. An attorney can help you make revisions to reflect the changes in your life. Starting an estate plan while young and single can give you all the time and resources to fine-tune a strategy that will provide resounding support and reassurance throughout your life.