Whether someone is married or single, with or without children, there are several reasons why it’s still a good idea to have a will. While individuals may only think about a will once they have a spouse and start a family, a last will and testament can be an invaluable estate planning tool for anyone.
Here are some of the arguments for developing a will regardless of your circumstances.
The main purpose of a last will and testament is to select individuals to inherit assets once the creator of the will passes away. These assets can include homes, bank accounts, investments, or vehicles, among other property. Items can also include those with sentimental rather than monetary value such as family heirlooms, collectibles, or clothing.
However, individuals don’t need to include any specific assets that already have specified beneficiaries in the will, including individual retirement accounts, life insurance policies, bank accounts, employer-backed retirement plans, or other types of investment accounts.
Why Single People Still Need Wills
Even if an individual is young and healthy, a will is still good to have in place. Older single people may also not think that getting a will is particularly important without a partner or kids. However, there are certain instances when single people may want to consider setting up a will. These conditions could include:
- Having a positive net worth
- Owning a home or other types of assets that will require distribution once the owner passes away
- There is concern regarding who would receive assets
- Individuals want to use wills to provide financial gifts to designated recipients or donations to charities
- Those with pets want to specify proper care for pets once the owner is deceased
Even if an individual isn’t particularly wealthy or has few possessions, developing a will for the few assets he or she has is still important.
Steps for Writing a Will When Single
Single individuals who wish to develop a last will and testament will need to follow certain steps, including naming an executor who will inventory assets and distribute assets, naming at least two witnesses for the will, putting an asset distribution plan in place, and updating the will as circumstances change.
Ultimately, for those who are single and childless, having a will can still be crucial in the long run.