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Estate planning is necessary for single people

| May 19, 2021 | Estate Planning |

Unfortunately, many single Texas inhabitants don’t think about constructing a will. It’s not uncommon for adults to think about the estate planning process after they become married or have kids. In reality, every adult should undergo the estate planning process on a regular basis.

Estate planning is more than just a will

When many people think about the estate planning process, the first thing that comes to their mind is a will. If you don’t have a lot of assets, you may be convinced that you don’t need to construct a will. In reality, estate planning has other essential documents apart from a last will and testament. Some of the most common are the power of attorney and the health care proxy.

In the event that you become incapacitated, a power of attorney for your financial well-being is a necessity. In addition, you’ll also want to have a healthcare proxy that names who should take care of your health care decisions in the event that you become incapacitated. By naming these people, it makes it easier for doctors and financial institutions to allow them to make decisions on your behalf.

It creates peace of mind

As you start to introduce yourself to the estate planning process, it’s likely that you’re going to have many different questions come to your mind. As you think about the assets that you have, it starts to become clear that you need to have a plan for their passing. Going through the estate planning process will help to give you peace of mind about what happens to your assets end and will help to ensure that you’re properly taken care of in the event that you become incapacitated.

While estate planning may have seemed like a necessity for those who are married and those who have a wealth of assets, you’ve just learned that’s not the case. Estate planning is an essential part of every adult’s life. If you haven’t undergone the estate planning process yet, it’s time to consider doing so.