You might think that making out a will is not necessary if you are single and have no children. Still, even some unmarried individuals decide they want to exert control over where their possessions go after they die.
Policy Genius describes a few reasons why single people should consider making an estate plan.
Choose relatives to inherit
Even without a spouse or children, you probably have someone in your life that you care about, such as a sibling or a nephew or a niece. You may want that person to inherit from you.
If you die without a will, the state will distribute your property through a line of succession. Other relatives could go first in that line and you may not want them to get your property. With a will, you can settle once and for all which family members should inherit your estate.
Name other beneficiaries
In the event you have no living relatives, the state will take possession of your property. If you do not want this to happen, you may use a will to name a non-relative as a beneficiary. Possibilities include the following:
- One or more friends
- An unmarried romantic partner
- A charitable organization
With a charitable bequest, you may donate money in a single amount. You could also attach conditions for how you want the charity to use your donation.
Designate an executor
To help ensure the success of your estate plan, you can name an executor in your will. You should find someone you can trust to administer your estate, such as a family member or a friend. Some people look to a professional to handle executor duties.
Basically, even if you have no family of your own, you could still leave a lasting legacy through an estate plan.