Planning for the future is not something every adult considers to be a main priority, especially if they are unmarried and do not have children. However, estate planning is something that will benefit everyone, including single Texas adults. Having certain plans in place and drafting documents is a process that will provide peace of mind and ensure that one is control of his or her future interests.
What can estate planning do?
For many, estate planning starts with drafting a will. This is a document that outlines what will happen with one’s personal possessions after death. Someone who is single and has no children may not see the need for having a will or any other estate planning documents. Consider the following:
- Chances are that most single people do have some assets over which they would like to maintain control.
- Dying without a will means the estate goes through probate, a lengthy and complex process for loved ones.
- Single adults can benefit from health care documents, which is a benefit of estate planning.
- Single adults may benefit from establishing certain trusts that can help them protect their wealth for a specific purpose in the future, such as charitable giving.
Adults of all ages can benefit from having a plan in place for contingencies regardless of age, income and health status.
Estate planning requires looking at long-term needs and interests. What makes sense now may not work months or years from now. This is why it is helpful to work with an experienced Texas estate planning attorney from the very beginning of the process.