Single, No Will, Why Not?

It has been reported that the fastest growing type of family unit in Australia is a single person living alone.

If you don’t have children or obvious heirs, documenting your wishes and making them accessible will help ensure those wishes are fulfilled should something happen to you. In some circumstances people without children need to plan more carefully as their will can easily be overlooked.

Regardless of what you intend to do with your estate be it leaving money to charity, a pet, or friends and relatives you should prepare a Will, as a minimum. As far as planning for other important events in your life it is never too early to prepare documents to cover things such as health care directives (often called living Wills); organ donation and arranging insurance cover for loss of income or permanent disability.

It is important that you discuss your wishes with someone in order that they are able to act on your behalf in the event of an emergency. This requires you to identify the person in your life that you can trust to make medical decisions for you in the event that you lack the mental or physical capacity. (Remember that person may not seem the most obvious to be making decisions in the event of an emergency.)

Importantly regardless of what you wish to do with your estate it is important to formulate and communicate to those closest to you a definite plan for your wishes in order that those wishes are met

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.