And the answer is yes. Even if you are single, you still need to do estate planning. The reason for this is twofold. First, you own property, you own assets, and if something were to happen to you and you pass away, you would want to make sure that your assets and property go to the people that you want them to go to.
The second reason has to do with incapacity. We all think that we’re going to live forever and we’re going to be healthy while we live forever, but unfortunately, that’s not always the case. Sometimes things happen and we might become incapacitated. As a single person, you will want to designate who will make decisions for you if you’re not able to manage your day to day decisions related to health care, and you’re not able to manage your day to day decisions related to your finances.
So planning for a single person is extremely important. First, you want to make sure that your assets go to the people that you want them to go to. And second, you want to make sure you have a team of people that can help you make decisions if you’re not able to make the decisions yourself.
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