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Does an adult who is single need an estate plan?

Many single people in Texas and nationally likely shrug off recommendations that they pay attention to estate planning, thinking that doing so doesn’t really begin to make sense for them personally until they marry, have children and/or accumulate substantial wealth.

Is that true? Is there a bona-fide need for single persons to focus upon estate administration considerations when they have only themselves to think about?

Most financial planners and estate experts would say that, yes, single people have strong -- even compelling -- reasons for crafting a sound estate plan.

Moreover, they would add that having “only themselves to think about” is more often further from the truth than what is actually the reality for many single people.

As noted in a recent advice column on estate planning for single persons, many people in this demographic space are “philanthropically active in their communities and have charitable intent.”

That intent will likely never be followed through on for a person who dies without a will or relevant trusts that address giving and specific desires regarding the disposition of wealth.

And here’s another point centrally related to what is termed dying “intestate” (that is, without a will): Things can get comparatively murky for a single person, with wealth ultimately being distributed in undesired ways in the absence of estate documents spelling out intent.

Aside from these key considerations, myriad other concerns that are important to both married and single people can be effectively addressed through sound estate planning. Those include appointing trusted persons to handle medical and financial matters in the event of incapacity.

In summary, there are many important benefits that a single person can derive through timely and well-tailored estate planning. A proven estate administration attorney can discuss them and centrally assist in implementing a plan to ensure they are realized.

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