Assessing and protecting your finances is a crucial step to take throughout your life. While certain life events, such as marriage, the birth of a child, and retirement tend to signal an individual to begin this process, Michigan residents should note the importance of drafting a will long before these events occur.
While the vast number of will-drafters are married and have children, this does not mean it is only designed to help these individuals. In fact, financial advisors often help unmarried clients hone in on the important factors to include in their wills. Instead of focusing on a spouse, children, and other family members, these individuals' wills can be tailored to meet their specific needs.
A single individual may be single because they never married, they are divorced, or they lost their spouse. No matter the reason for their singlehood, considerations need to be made when it comes to saving for retirement, obtaining life insurance policies, and even weighing everything else that can be included in an estate plan.
Developing a safety net for current and future finances can help an individual secure their financial future. This could mean updating prior documents if you just recently became single. Ensuring the beneficiaries in your will and financial accounts match is critical. Failing to take this step could result in the wishes of your will not being fulfilled. Additionally, it could generate disputes among heirs.
Drafting a will is an important and significant step to take. Whether you are married or single, protecting your financial future is vital. Those considering a will or seeking to update a current one should take the time to understand their options and the ways in which they can protect their rights and interests throughout the process.
Source: Investor's Business Daily, "Singles Come With Their Own Set Of Issues, Sensitivities," Morey Stettner, Aug. 21, 2017