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Effective estate-planning strategies for single adults

On Behalf of | Jun 20, 2021 | Estate Planning |

Adults of all ages will benefit from considering their future legal and financial needs. It’s not always a pleasant process to think about what will happen after passing away, but it is important to do so in order to have control over certain things, like distribution of wealth. Single adults often overlook the importance of estate planning, but there are several benefits to taking this step. 

If you are unmarried and you have no children, you may not consider estate planning to be of great importance. Even if you don’t have a spouse or kids, chances are that you have some property and assets you want to maintain control over. You may have nieces or nephews to whom you want to pass your money to, or you may want to accomplish a specific goal, like charitable giving. Estate plans help you do those things in an organized manner. 

The time to act is now 

If estate planning does not seem important, you are likely not in a hurry to accomplish these things. Even if it does not seem necessary, it may help to remember that life is unpredictable, and having plans in place could bring you peace of mind. Consider the following facts about estate planning: 

  • You should consider a living will and a health care power of attorney. These documents allow you to maintain control if you are incapacitated in a medical emergency. 
  • A trust will allow you to set aside and protect assets for a specific purpose, like charitable giving or the care of a loved one. 
  • A few documents will provide you with control over several legal, medical and financial matters that could arise in the future.  

Quick action is important if you do not have an estate plan. A careful review of your estate, income and goals for the future could reveal which steps would be most beneficial in your individual situation.  

Single adults should consider the future 

You don’t need kids or a spouse to benefit from estate planning. This is a prudent step for New Jersey adults of all ages and income levels. After creating a plan, you can have confidence that you will have control over what happens to your property and your body in case of a contingency, something that can provide you peace of mind and confidence going forward.  


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