Although a lot of estate planning advice is written for people who are married and have multiple kids, this is obviously not everyone’s situation. Last week’s post covered a number of estate planning needs of individuals who are not married, and I will continue writing about that today.
It’s important for unmarried individuals to think carefully about who will be executor of their estate and make sure to discuss this role with that person to make sure they are ready to take on that responsibility. Otherwise, the person appointed executor may be someone you would not want to fill the role.
For assets such as IRAs, retirement plans, annuities, life insurance, and others for which you can name beneficiaries, be sure to complete beneficiary designation forms, keep copies of these forms safely storied, and update these forms when needed. You’ll also want to let beneficiaries and your estate executor know about these decisions and where these documents are kept.