I’m single and have no real possessions. Do I need a will?
Although you may not need a will, you should be thinking about your estate plan. Here are some areas you’ll want to consider.
- Investments and cash accounts. Add a TOD (sometimes called POD….”transfer/payable on death”) to your checking, money market and investment accounts. This gives someone your money when you pass away without it being hung up in court. IRA plans and 401k’s allow you to name specific beneficiaries on the account. Check these during open enrollment times to ensure you’ve picked the right people.
- Health care patient advocate. Let’s pretend you have an accident and can’t talk to the doctors. Who will you allow to speak with medical professionals on your behalf? In most states, this person is called your “patient advocate.” Although it’s possible for a court to assign someone later, it’s a better idea to have this prepared in advance by an attorney.
- Workplace life insurance. Even if you don’t have insurance outside of work, most companies give employees free insurance. Pick beneficiaries so this “free money” doesn’t go to waste.
While I’d say a will might be overkill, an estate plan covers all of these areas.