Many people associate estate planning with married couples or parents. If you are single and getting older, however, creating an estate plan can be just as important.
Many adults choose to remain single as they get older, enjoying the freedom to travel, pursue hobbies, build careers or stay active in their communities. While that lifestyle offers many opportunities, it also brings unique estate planning considerations because you may not have a spouse who would naturally step into important legal or financial roles if something unexpected happens.
Estate planning when you are aging alone
If you do not have a spouse or another person who would naturally step into a decision-making role, planning ahead can help put your wishes in writing before an unexpected event occurs. An estate plan can:
- Name someone to manage your financial matters
- Appoint a person to make healthcare decisions
- Identify who will receive your property
- Reduce the risk of disputes among loved ones
- Record your wishes in legally recognized documents
Putting these decisions in writing can make it easier for the people you choose to carry out your wishes when the time comes.
Key estate planning documents
Your estate plan can include different legal documents based on your goals and circumstances. For example, a will directs how your property passes after your death, while powers of attorney address financial and healthcare decisions if you become unable to act. Some people also create a revocable living trust or an advance directive as part of their plan.
Many people also include a medical records authorization so designated individuals can receive medical information when necessary. Each document serves a different purpose. Together, they address who can make decisions during your lifetime and how your property will pass after your death.
If no one has legal authority
Without powers of attorney or other estate planning documents, the people closest to you may not automatically have the authority to manage your affairs if you become unable to do so. Family members or friends could face delays while the appropriate court process determines who can act.
This issue can be especially important if you are single and rely on friends, extended family members or other trusted people rather than a spouse. Estate planning documents identify who can step into these roles and what authority they will have.
Plan while you have the choice
Being single does not reduce the value of estate planning. For many people, it creates an opportunity to put important decisions in writing before someone else has to make them.
An estate plan reflects your choices about your property, healthcare and the people you trust to act on your behalf. It can also change over time as your relationships, assets and priorities change.