The number of single U.S. adults is rising with over half of men 65 and older are single, and nearly half of individuals 15 and older. Unique estate planning considerations exist for those living the single life. It is especially important for single individuals to have an up-to-date will since dying without a will can result in the beneficiaries under state statutes being distinct relatives or the state if no relatives are found. For similar reasons, it is also important for single individuals to ensure that someone they trust will be the one to make financial and medical decisions for them if needed. This can be difficult for single individuals that do not have children or a spouse to rely on for these important decisions.
See Carolyn T. Geer, Estate-Planning Essentials for Single People, The Wall Street Journal, Dec. 7, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
