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Is estate planning worthwhile for singles?

On Behalf of | Aug 21, 2021 | Estate Planning |

Estate planning might be a top priority for married persons. Worries about how their spouses and children will survive without them gone may lead to decisions about estate planning. Single individuals, including those without children, might not think much about estate planning. Singles might wish to look over the scope of New Hampshire estate planning because there are many good reasons for an unmarried person to take action.

Estate planning for single persons

Although someone is not married, writing a will prevents New Hampshire’s intestate laws from guiding the division of assets. Writing a will supports making sure specific beneficiaries receive funds from savings and investment accounts, cars, real estate and more.

Even someone with limited assets benefits from estate planning. A will names the executor of an estate. The executor then handles a wide range of duties when serving as the deceased individual’s personal representative. Naming a responsible and trusted person could move the probate process along more competently and efficiently.

Other aspects of estate planning

Estate planning does not only focus on addressing someone’s passing. The process could focus on handing over power of attorney duties to a trustworthy relative, such as a parent. Younger single persons may want someone with experience handling their financial affairs, and appointing someone as a POA agent could serve that purpose.

Other concerns may come up when thinking about estate planning. A health care proxy could designate a medical representative in case of incapacity. Remember, unexpected accidents could leave someone unable to respond.

A single person might benefit from taking out a life insurance policy. There may be a close relative who would benefit from the settlement, so why not take care of that person?

Reading and researching estate planning for singles could open more insights into why such planning is helpful. There may be other things a single person did not previously consider.

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