Single? Estate Planning is Still Important For You

Estate planning can sometimes be thought of as something for families. Parents usually want to protect what they have accumulated in their lifetimes for their children and find an efficient way of passing on their assets.

However, estate planning is not just for families. If you are single, either with no children or a childless person whose spouse has passed away, estate planning can still be an important consideration for you.

Looking after assets

If you have no dependants and no obvious heirs for your possessions, there can be uncertainty about who will receive your estate on death. Even young single persons can have assets such as superannuation with life assurance. This and any other assets will have to be dealt with in one way or another.

You may have a pet that will need care in the future. You may want to benefit a favourite charity. There may family members or close friends that you would like to benefit from your estate.

While you can, you have the opportunity to determine how this process will play out rather than falling into the discretion of a court to distribute your possessions.

What happens if you are unable to make your own decisions?

Estate planning is also about being alive. Anyone can become ill or have an accident that makes them unable to make decisions in their best interests. It is important that you put in place documentation, such as a Power of Attorney, allowing for one or more trusted persons to be given the lawful authority to act for you when it is most needed.

Contact our Wills and Estate Planning Lawyers in Sydney, NSW

Estate planning is a specialist area of law, but we can help you navigate any potential hazards. Please contact the experts at Szabo & Associates Solicitors on 02 9281 5088 or complete the online form.