If you are not married, you might not think that making an estate plan is a priority for you. This may be especially the case if you are young and have no children. However, the reality of the matter is that anyone can benefit from some form of estate planning. In fact, engaging in this exercise may benefit you greatly even while are you are alive, let alone provide clear direction for after you die.
As explained by Forbes, two very valuable estate planning tools are designed to directly assist people when disaster strikes but while they are still alive. A car accident, for example, may leave you unable to communicate. In this situation, you will need to have someone else work with doctors and medical professionals to make decisions about your care and treatment. A health care proxy identifies who will do this so you know the person who is managing and directing your care and, hopefully, recovery.
Similarly, you may not be in a position to manage your financial affairs for a while after a serious accident or other event. A durable power of attorney grants this ability to another trusted party on your behalf. Knowing that you have planned for these events may help alleviate one of the concerns that arises when an unexpected event takes place.
If you would like to learn more about the tools that may be most useful to you in your estate planning process as a single person, please feel free to visit the unmarried person’s guide to asset protection and planning of our estate planning website.