Unmarried adults often believe they have no need for an estate plan, especially if they are young and healthy. In reality, drafting wills and having certain plans in place is a smart step, no matter a person’s marital status, income level or age. In Virginia and elsewhere, there are significant benefits to planning for the future, both for the individual and for his or her loved ones.
One of the most important steps for a single person who does not currently have an estate plan is to draft a will. This allows a person to decide what will happen to his or her property and assets in case of death, and even plan for the care of a beloved pet. Another consideration for a single person’s estate plan is to draft documents for medical purposes and in case of incapacitation. This includes power of attorney and establishing a health care proxy.
Finally, single adults with no children may find it beneficial to create a trust to help them accomplish their estate planning goals. This allows a person to set aside and protect assets for a specific use after his or her death. There are various types of trusts that serve specific purposes and goals.
Decisions related to financial planning and long-term goals are complex and often seem overwhelming. A single adult may find it helpful to speak with a Virginia estate planning attorney about wills and other important steps. With a strong plan in place, a person can look to the future with confidence knowing his or her interests are secure.