We know that eventually the day is going to come when we have to bid our final goodbyes to a parent. With the goodbye comes the duty of concluding your parent's financial affairs.
Unless you've had a major health scare at some point, you've probably haven't thought much about what would happen to your financial assets if you were to pass away. Even if you've given the idea some thought, you may not have created an estate plan that accurately reflects your wishes. While you may know that you want to leave everything you own to your spouse and children, it is important to have an estate plan to ensure the government is also aware of your wishes.
Undoubtedly, most people would agree that important plans should be reviewed and revised from time to time. For example, if you made plans for a vacation at the end of the year, chances are you needed to arrange transportation, make reservations, pack your belongings, and ask for time off from work. Even if you're done planning your vacation, you will likely review the plan from time to time to ensure you don't need to make any adjustments or changes.
The simple fact is that people who need an estate plan the most - single people - are often the ones who assume that they don't.
For a variety of reasons, more and more couples are choosing to live together without getting married nowadays. Although this may seem like a suitable living arrangement, it can create a variety of problems if you or your partner becomes incapacitated. In such an event, your partner would not have a say in what happens to you. In fact, he or she may even be prevented from seeing you.