Not Married and No Kids? Estate Planning Tips if You’re Single and Don’t Have Children

There is an increasing population of single people without children – and they realize they need an estate plan. These people can be successful individuals who don’t have a spouse or child to leave their assets. If you are a part of this demographic, then please read on.

Some tips are:

• Have a will
• Name beneficiaries on your investment accounts
• Make sure to have long-term care insurance

Why You Need a Will if You’re Single and Don’t Have Children

Not having a written will in place can cause time, money, and undue stress on your friends and loved ones. The courts must step in and decide how your assets are divided… and they may give it all to the one person you don’t want to have your things.

You have worked hard for everything you have, and you want to make sure it goes to someone who will appreciate it. Think of what you own: a car, checking or savings accounts, investments, 401(k) or IRA with your work, insurance accounts, clothing, home and furniture… you may have more than you realize.

With the courts, the general order of distribution of your assets is that everything will go to your parents. If they are deceased, the courts will give your belongings to your siblings or their children. If this isn’t what you want – then you most certainly need a will.

Naming Beneficiaries on Your Investment Accounts

Updating your estate plan and investment accounts every 3-5 years is a good idea. You may have named a beneficiary when you first started your job or opened a checking account. Things may have changed now, and you want to update those beneficiaries. Or, perhaps you didn’t name a beneficiary on your retirement accounts.

Especially if you are single and don’t have children, now is the time to review all beneficiary information on bank, investment and insurance accounts.

What is Long-Term Care Insurance?

Many people often feel secure that their children will care for them as they age. What happens if you don’t have children? Investing in long-term care insurance is an ideal way to give you peace of mind. As you get older, or if you are injured and incapacitated, having the proper insurance will ensure you are taken care of.

Not being able to take care of yourself is one of the biggest fears of our clients. But we can help you take steps to ensure you will always be looked after.