Why the Never-Married Need Estate Plans
Written by Jason C. Henbest, Esq. and Brittany Saxton
Some people think estate planning is unessential. The single, childless, and never-married sometimes fail to think about planning for a future when they are no longer around. Is this wise?
As we all get older and responsibility increases, it is essential to realize that part of planning for the future includes planning for the present state of our lives. More and more Americans are getting married later, choosing to have one or no children, or deciding to stay single for their lifetime. Choosing to live a life of independence includes personally taking on major responsibilities. Even if you choose to never get married, you then still have to plan for the single most important person in your life: you!
All in all, it is better to come up with someone to inherit your life’s worth—a friend, neighbor, cousin, parents, siblings, etc.—even if your choice for those who will inherit changes over time. Wealthier clients should also consider charitable bequests to reduce estate taxes. Popular choices of charitable requests include the donor’s alma mater, animal shelters, and medical causes that have somehow tremendously impacted the donor’s life. Do not assume that just because you decided not to marry that your options are limited. For legal questions about preparing for your future, contact your local estate planning attorney for competent legal advice.
Barnegat Township Attorney | Estate Planning