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Singe people face challenges with estate planning

Estate planning is important to Nevada residents. As Nevadans grow older, this becomes more important, especially for those who are single.

Singles face different challenges in their golden years that couples do not. Couples can usually depend on each other should one of them develop health problems and need care. Singles, on the other hand, must plan for this possibility in their senior years. Those living alone don't have someone to help with expenses, so planning for financial security falls all on them. About 19.5 million people over the age of 65 lived alone in 2016, the U.S. Census Bureau said. Many of them may not have family living nearby, so they'll need to find someone to look after them.

A will is a basic tool to use in estate planning. Also important to singles is naming someone to look after their financial affairs if they are no longer able to do this themselves. They should give someone durable power of attorney to handle financial affairs and healthcare decisions should they become incapacitated. Singles also may wish to make a plan for long-term care, since many are likely to need this in their later years.

Having alast will and testament is important because it lets singles decide how they want their assets distributed. If singles do not have this document, the courts may distribute assets in ways they would not like.

Estate planning can be complicated. Nevada singles may wish to consult with an attorney, who might explain the various types of documents that a single person may need. An attorney also may be able to ensure the documents are in a correct legal format.

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