Whether you are single or married this Valentine’s Day, estate planning is equally important! There are many similarities and differences among estate plans involving those who are married and those who are single. In this blog, we identify some of those similarities and differences.
Single people have the responsibility of being more self-reliant than married couples who have each other to rely on. Everyone, whether single or married, should begin to save for retirement for future protection. It’s also a good idea to prepare for the unexpected by creating a savings account. While it’s important for everyone, with only one income to rely on, it’s especially important for single people to have other ways of providing in case something happens to disrupt their normal income. Life insurance is also a good option to cover future funeral expenses or help take care of those who depend on you if something happens.
Married couples, on the other hand, may have two incomes, which not only provides more financial security but also typically means they have more assets than those who are single. It is also common for spouses to inherit most of their partner’s assets when they die or for spouses to act as healthcare proxies for each other in their plans, while single people may want to appoint a family member or a friend.
Both married parents and single parents may have children who are minors to worry about in their estate plan. There are also many other benefits to estate planning such as having your wishes carried out when you pass away and leaving your assets to loved ones, friends, or charities you care about. Whether you are single, in a relationship, or married, we hope you have a Happy Valentine’s Day with friends, family, and/or significant others.
We’d be honored to help you get started with your estate planning and take care of the ones you love. Give us a call to schedule your complimentary consultation!