Estate planning might seem fitting for someone with substantial wealth and a family to care for. However, even single, you can still enjoy the many benefits of planning for your future.
Seeing the value of an estate plan can help you identify a strategy that aligns with your lifestyle. Starting to plan now will give you plenty of time to fine-tune your arrangement as your life progresses.
Even though you might not have dependents relying on you, advocating for yourself is of equal importance. If you suffer a debilitating injury with a catastrophic outcome, you may lack the mental fortitude to make informed decisions about your health and medical treatment. A health care proxy can oversee such duties on your behalf during difficult circumstances.
Similarly, you can name a financial power of attorney. This person will handle your financial affairs if you reach a point of incapacitation. Within your estate plan, you can provide instructions regarding the use and distribution of your assets. Naming trustworthy individuals to these roles can give you peace of mind knowing that your well-being is a primary focus of the people who care about you.
You may also consider naming beneficiaries. According to CNBC, a staggering 67% of Americans have not created an estate plan. With nothing in place, you run the risk of your assets ending up in court where strangers will decide their fate. Even if you feel you lack a notable estate, naming beneficiaries can at least keep what you do have in the hands of the people you care about.
Planning an estate takes time and requires regular upkeep. Together with your legal team, you can finalize a strategy that adds value to your life and gives you the motivation to reach your goals.