24 February 2017
 Categories: Law, Blog

Being single can give you a lot of freedom. Like everything else, the single life has its pros and cons. More people than ever are thinking the positive aspects outweigh the negative, with 64 percent of millennials being single and 50.2 percent of all American adults now being single. One responsibility that all singles need to take seriously is estate planning. Here are three reasons why estate planning is important for those who are single, too.

Reason #1: Choosing a Beneficiary for Your Accounts Protects Your Hard-Earned Savings

When you are working on your estate plan, you may also talk to your estate planning attorney about choosing a beneficiary for all your accounts. That can be especially important if you are newly single after years with someone. Retirement accounts likely demanded that you list a beneficiary, but you should go back over all your accounts to ensure that the current beneficiary is up-to-date. If you don't want an ex or someone from your past to be the beneficiary, designate one as part of your plan.

Reason #2: Legally Listing Heirs Ensures the People You Love Get Your Treasures

The term "heir" may make you think of billionaires and grand fortunes. However, every single person should list heirs. That's especially important for single people. Since the assets of married people typically get passed along to their widow or widower, they may not be as immediately concerned with setting an heir as single people. You may choose a non-profit organization as your heir or even a friend, but it is really important to choose one so your estate doesn't end up in the hands of the state.

Reason #3: Avoiding Probate Court Can Eliminate Excessive Fees and Hassles

If you do not have a detailed, legally enforceable estate plan, the estate that you leave behind can get bogged down in the system if you pass away as a single person. Depending on the state you live in and local laws, probate court can present excessive delays and pesky, high fees when you don't have an estate plan clearly established. If you work with an estate planning attorney, you may be able to avoid probate altogether.

Finally, keep in mind that estate planning when you are single may be filled with a few different considerations than your married friends face. However, estate planning is an essential part of life for every adult who wants to make sure that your treasures go to those who matter the most to them. Your estate planning lawyer can help ensure that the things you worked for all your life are protected. For more information, visit a website such as http://www.lynnjackson.com.