Who should be my beneficiary if I'm single?
According to the U.S. Census Bureau, more than 45 percent of adults, 18 and older, were single in the year 2017. This is a record breaking number! This just goes to show that marriage is no longer considered to be a crucial, necessary component of adulthood. So, what does this have to do with estate planning? Well, when a person is married and has a family, usually their children are named as the designated beneficiaries. What do you do if you don’t have any children? Below are some suggestions to think about and consider when developing an estate plan.
The first people you should consider to be your beneficiaries are probably your relatives. Family members often have very special bonds with one another. Even though you may not be super close with your brothers, sisters or even cousins, you have the opportunity to impact their lives. However, if you don’t have any relatives you would feel comfortable as being your beneficiaries, you always have the option to pick an organization or charity you love and believe in. Any donation makes a difference when it comes to charitable organizations. If you’re not very close with your relatives, this is probably a better option for you, knowing you will be performing a good deed.