Is estate planning necessary for singles?

Is estate planning necessary for singles?

On Behalf of | Jun 28, 2021 | Estate Planning |

If you do not have dependents and are not in a serious relationship, you may question your need for an estate plan in Utah. While you may not need to do quite as much as someone with a family and a large estate, making some plans can protect you and your future.

Starting small and slowly adding to your plan can help you implement strategies that complement your lifestyle. With a plan in place, you can worry less about the future and live in the moment.

Identify plan participants

Even though you may live alone, chances are you would appreciate some help and support if you ever suffered a life-altering injury or illness, or incapacitation. According to Fidelity, some of the roles you may want to fill include the following:

  • A healthcare proxy to make medical decisions on your behalf
  • A power of attorney to make financial decisions on your behalf
  • An executor to assume the task of closing your estate after your death
  • Beneficiaries who can inherit your assets and sentimental possessions

Complete periodic reviews

While you may feel satisfied with having a plan in place, that is just the first step. As your life progresses, you may experience changes that impact your plan. For example, marriage, the birth of a child, a substantial increase to your assets, a move out of state, or even changes to tax laws may influence your plan’s function.

If you need to update anything, act promptly and acquire the appropriate signatures to make the changes legal. A periodic review of your estate plan can help you identify places where modifications may strengthen your strategy.