As an unmarried person, you may need to approach estate planning differently than other people in established relationships. You do still need estate planning as much as people who have families or relatives, even if you do not yourself.
An estate plan is made up of more than just documents to divide your assets. There are other important aspects of an estate plan, such as setting up your healthcare agent and living will. If you don’t put together these documents that help you in life, you may find that you run into issues down the line.
Two of the things you’ll want to establish in your estate plan are your healthcare documents and your powers of attorney documents. Your POA documents may include a financial POA and health care POA.
Think about your life, and long-term care, in your estate plan
Your estate plan should be focused on your life and wellbeing. You will want to consider investing in long-term care insurance that will cover your care if you don’t have family members to assist with your care later in life.
You will also want a living will to discuss your health care wishes and a healthcare POA to establish a person to make medical decisions on your behalf when you cannot. The person you trust to be your health care POA can also be your financial POA, if you wish, or you can choose to have two people take over those roles. They do not have to be relatives.
Even though you may not be married or have children, you still need a solid estate plan. Learning more about your options can help you get started.