Single adults without children are in a unique position when it comes to long-term planning. They may not have a spouse or children to whom they wish to pass their wealth and assets, but that does not mean they won’t benefit from having certain legal and financial protections in place. If you are single and haven’t taken these important steps yet, the time to act is now.
If you pass away without a will, what happens to your personal property is completely dependent on Texas state laws and the decisions of an impersonal probate court. You can imagine how frustrating this would be for loved ones left behind. Fortunately, a few documents will help you have peace of mind for the future.
The right approach
There is no one-size-fits-all approach for estate planning. Every person is different, and every estate plan will be different as well. As a single adult, you may still have specific wishes and preferences regarding your estate in the future. Some of the strategies you may employ include the following:
- Take the time to plan for your potential health care needs. Through a living will and health care power of attorney, you get the final say over your body in case of incapacitation.
- You can use different types of trusts to accomplish specific goals including giving to charity or leaving assets to a minor.
- When making plans, it is prudent to consider the potential implications of your choices, such estate taxes.
While you cannot predict the future, you can have a say over what will happen in certain areas. As a single adult, you would be wise to exercise your right to control your estate, your money and your health care. It may also help you remember that all plans can be updated and changed over time as needed.
If you are unsure of where to start, it is useful to begin by carefully assessing certain factors. This includes your goals for the future, your personal assets, your long-term expectations and more. You may not have a spouse or children, and this actually makes it even more important to use your voice and make your preferences known. This is something to do for yourself and your Texas family.