Many California singles who might not have children also might not consider the value of estate planning. The phrase, “You can’t take it with you,” is a cavalier phrase that many use to disregard planning for their legacy. Many think they don’t need to bother with estate planning if they don’t have children, spouses or family to leave the assets to.
Estate planning is a guide that explains what you want to be done with your assets and final preparations after death. A lack of a plan is similar to a will but more comprehensive results in the state deciding what happens to any bank accounts, properties or charitable donations in your name.
If you’re committed to a charity but don’t leave gift instructions, your favorite charity will no longer benefit from your generosity.
Single with children but no spouse
Many people will purchase life insurance at work or privately to provide for their children in the event of their death. However, as a single person, you want to leave instructions for where your minor children will live, asset distribution such as houses, cars, boats or jewelry, and who will ensure your final wishes are honored.
Single with no children or spouse but has pets
It’s common for single people to have a pet. Providing for your pet during estate planning names the person you want to care for your pet and makes resources available for the animal’s upkeep.
Writing out your will empowers you to assign the person or agency you trust to manage your affairs. Estate planning also covers medical decisions as well as after-death decisions. The peace of mind you get from knowing you have the plan to control what happens to your assets is rewarding.