What Singles Need to Know About Estate Planning
"Everyone needs a financial plan, and everyone also needs an estate plan," says Amy Richardson, a certified financial planner with Schwab Intelligent Portfolios Premium. And yes, that includes singles without obvious heirs—i.e., kids of your own. Of course, the cornerstone of any estate plan is a will, which at its core is a document aimed at outlining how you would like your life on earth to be closed out.
Richardson, who is single and doesn't have children, sees her will as an empowering way to communicate her wishes. "It really helps make sure your assets and your possessions go where you intend them," she says. It's a way to give people enough guidance so they don't have to guess what you maybe would have wanted.
In her will, Richardson makes arrangements for the care of the pandemic puppy she adopted and outlines the charities most important to her. "You can leave a legacy and a lasting impact through these documents in a way that may be meaningful for you," she says.
Here are the most important things that singles should remember about estate planning—other than the fact that, yes, you need to do it regardless of your family or relationship status.