Singles, especially those without children, might think that they don’t need to have an estate plan. However, it is important to remember that estate planning is for when you are incapacitated, as well as asset distribution.
While some tasks for estate and retirement planning for singles are the same as for couples, a recent article in Forbes, “5 Financial Planning Strategies For Singles,” notes that singles need to prepare for medical and financial emergencies. While a spouse is not a guarantee that these issues will be handled to a person’s liking, a single adult needs to be more self-reliant and that means planning in advance.
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