There are many misconceptions about estate planning. At France Law, we have seen many complications arise when individuals overlook important facts about estate planning. One common fallacy that creates problems is the notion that single individuals don’t have a need for estate planning. Here are the three key reasons why even those without marital attachment need to take time for estate planning!

-Appointing a medical or financial representative: Everyone should have a contingency plan in place in the event that they are incapacitated in some way and unable to make decisions. Putting in place this important safeguard will provide peace of mind that your wishes will be followed even if you cannot make decisions in the moment.

-Accurate beneficiary designations: Careful estate planning includes reviewing and updating listed beneficiaries on all assets. This is especially important for single, divorced individuals who may unknowingly still have their ex-spouse listed as a beneficiary on bank accounts, real estate deeds, retirement plans, etc. Seeking the advice of an estate planning attorney can help to uncover assets that may need to have beneficiary designations assigned or revised.

-Asset assignment: Everyone has specific recipients in mind for their assets, and this is just as true for single people. By taking the time to formulate an estate plan, you can ensure that your wishes are followed and your assets go to the individuals you had in mind. Estate planning can also help to minimize estate taxes – leaving more of your assets to your loved ones and less to the government.

The bottom line is that estate planning is important for everyone – regardless of marital or relationship status. Protect your decision-making powers and make proactive decisions about your beneficiaries and assets now for peace of mind in the future!