Many Nevada residents think they should only have an estate plan if they are married. However, single people can also benefit from one.
Planning for incapacity
One of the biggest reasons you should have an estate plan as a single person is to plan for potential incapacity. You never know if or when you could be struck ill or injured and be unable to make important decisions for yourself. If you have prepared powers of attorney, it gives you the chance to make your wishes known even if you’re incapacitated. You can have an agent appointed under a financial power of attorney handle your bills and other money affairs and one who has been appointed under a medical power of attorney ensure that your health care treatments are taken care of.
Even if you’re single, you might still have children or other relatives you wish to leave inheritances. However, even if you don’t have kids or close relatives, you might have beloved pets you want to ensure are cared for after you’re no longer around. With your will, you can name anyone you wish to receive assets from your estate and guardians for your minor children. You can even name a guardian for your pets.
You can also create a trust to benefit your children, close friends or even your pets. You can place assets within the trust to protect them. Some types of trusts can prevent property from going through probate, which means your beneficiaries get them sooner.
Ensuring your money goes toward good causes
Some singles may want their money to go toward certain causes after they pass away. If any particular good cause is near and dear to you, having an estate plan can help you designate a charity your money should go toward after your death.