Estate planning may be the last thing on the minds of many single people, but it really should be at the top of their list.
“If you’re single, you’re kind of out there by yourself,” said Norm Lofgren, estate planning attorney in Dallas. “The thing that people have to understand is that people do die when they’re young. If you don’t have your affairs together, you add the trauma on top of the tragedy.”
Planning simplifies things for your loved ones.
Whatever stage in life you’re at when you’re single, said Dodee Crockett, managing director of investments at Merrill Lynch in Dallas, you must address a critical question: “Who is that other person who would take responsibility and take care of your desires and your wishes when you are ill, incapacitated or when you pass on?”
The documents you need to have in place as a single person are the same as they are for couples. They are:
Your will. Spell out what should be done with your assets. Also, if you have minor children, you should specify whom you want as their guardians.
“A legal guardianship designation for children is particularly important if you’re single,” Ritter said.
Durable financial power of attorney. This designates the person you want to handle your financial affairs if you become incapacitated.
Medical power of attorney. This allows you to appoint a person to make decisions about your medical care if you are unable to communicate.
Living will. This specifies whether you want heroic measures used to sustain your life if you become incapacitated and are in a chronically degenerative medical condition. Also, make sure you name beneficiaries for your retirement plans and life insurance policies.
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