No spouse or life partner? No problem. No children? No problem. No significant net worth? No problem. No estate plan? That could be a problem.
A common misconception is that estate plans are necessary only for those who have: a high net worth, significant others, and/or offspring.” If you’re a single adult with no children, you might feel like you don’t need an estate plan — but that’s not the case,” Cynthia Preumm explains in Kiplinger.com. No one enjoys making estate plans, investment adviser representative Preumm concedes. After all, planning involves a lot of potentially hard conversations and decisions that can make it tempting to skip the whole process altogether, she admits. However, if you don’t have one, you’re giving up control of yourself and everything you’ve worked so hard for.
Without an estate plan:
- State laws determine who gets your assets, whatever those are.
- Your wishes about life support, end-of-life care, and organ donation will remain unknown.
While there may be no spouse, life partner, or even an “ex”, your estate plan can be a source of comfort for others, giving them a sense of purpose that can overcome feelings of helplessness and loss that often follow a death, Patrick Hicks of trustandwill.com points out. Hicks notes that 1 in 5 Americans had no estate plan established before dying of a serious case of COVID-19. By 2022, 41% of those who’d witnessed a loved one battling COVID-19 had established a will.
The attorneys at our Indiana estate planning firm remind clients that, even if they are single with no children or significant other, and have created basic estate planning documents, life “swaps” inevitably happen. An update might be needed if:
- assets have been acquired or sold
new online accounts have been opened
there have been health-related changes (either in your own health or in that of someone to whom you’ve assigned Powers of Attorney)
events (either world events or special challenges faced by friends right here in Indiana) that have changed your mind about which causes you most want to benefit with your charitable giving
your attitude about organ donation has changed
you’ve changed your approach to passing on a business
there have been changes in the tax law
you’ve moved your primary residence to a different state
No spouse or life partner? No children? No business ownership? No significant net worth? No significant changes in your health? No problem.
No estate plan? That could be a problem.
by Cara Chittenden, Attorney with Rebecca W. Geyer & Associates
