It's Not Just For Married People
Just because you don't have a will won't keep you from dying. Just because you're young, won't keep you from dying, either. We all think we're invincible. If you die suddenly without a will, then some judge who you've never met, will decide where your stuff goes. If you become sick, it makes it that much more difficult to create your will. So, it's best to have one in place; that way all your desires are cared for.
Singles Need To Have A Will
The reason it's more important for singles to have a will is because culturally and legally, when someone is married, the survivor will make those decisions if they die intestate (without a will.) In this case the survivor will find themselves suddenly single, and they'll then need a will. Anyone can find themselves suddenly single after a life-changing event, such as divorce.
According to the 2010 census, the majority of the U.S. is single: singles represent 52% of U.S. households. The reason for this is that older people are divorced or widowed and young people are putting off marriage until their 30's.
Help Out Family And Friends: Tell Them What To Do
That's what a will does. It designates where your possessions go and who will take care of your desires and distribute your property after your death.
There are many single elderly people with children with special needs; those children need to be taken care of, and someone needs to be designated to take care of those issues.
If you have minor children, they cannot inherit anything until they turn 18; you need to specify who will be their guardians.
If you die without a will, someone who you don't know will be appointed by the state to take of your affairs, including where your children end up.
The Other Documents You Need Besides A Will
- A Durable Financial Power of Attorney. This shates who takes care of your financial affairs should you become incapacitated.
- A Medical Power of Attorney. Same as a Durable Financial Power of Attorney, only it designates who makes medical decisions if you cannot communicate.
- Living Will. This states whether or not you want "heroic" efforts to be made to sustain you should you become incapacitated.
- Named Beneficiaries. You need to designate who receives the benefits of your retirement plans and life insurance with the institution holding the account or policy.
Are you prepared if something should suddenly happen to you?