For Singles

Modern Estate Planning - for modern singles

Whether you're single, parenting solo, single for now or single again, taking control of your life and estate plan helps you maintain your independence and gives you greater control over important decisions, just in case.

It's really the Ultimate Personal Plan B and regardless of your current relationship status and if you're over 18 years, you need one.

Just Single and starting out

Lets be very clear about something.

• Age is no indicator of relationship status or financial responsibility.

You can be young and starting out or older and established and both enjoying living the single life. You might be single, single again, sometimes single, single with kids, single with pets or perhaps something a little more complicated – but single people are not without responsibility.

Being single can bring a level of freedom that needs a greater level of protection.

Single people often face higher risks than their partnered friends and family

There can be a lot of uncertainty for single folk to manage.

1. Who will make serious health and life extending decisions for you when you can't, in a medical emergency?
2. Who will inherit your estate assets and any insurance payouts should you unexpectedly pass away?

Why Single folk need to get their Modern Estate Planning sorted

For many single people, modern estate planning is a way of planning their continued independence and safeguarding their own decisions about who and what is a priority, to them.

Thinking about living with purpose and independence takes some effort. This is because creating legal documents that give another person legal rights to make emergency decisions for you, requires a bit of additional thinking about what's important to you, your worldview and choices, and why.

Single life is not always simple life

Many people like to believe their personal financial affairs, responsibilities and assets are simple – and they might be today.  But this can change quickly tomorrow. This is why Modern Estate Planning is about making legal decisions today that last into tomorrow – like learning a helpful new skill before you may actually need them.

When is the best time to learn a new skill or have a legal Personal Plan B in place? - Before you actually need them.

Single people have a future to manage too

Many single people understandably struggle to look into the future and prepare for unseen eventualities they simply have not personally experienced yet.

Still others, have seen some of those risks of life already happening to friends and family – divorce, relationship breakdown, addictions, bankruptcy, squandered surprise inheritances, money problems – and are determined they want to live their own lives with more certainty.

Modern Estate Planning protects your independence so you can continue to make your own decisions (regardless of a sickness, accident or absence) and later, to make sure your estate assets and entitlements are only given to those people you care about most, if you unexpectedly pass away – and not the Tax Man.

Single & Solo Parenting

Being a single parent can be difficult financially, so it's important to make sure your Personal Plan B is in place to protect yourself and your children should something ever happen to you.

Single parent families now represent 14% of all Australian families, with a majority of their children being under the age of 18.

Single, kids and the importance of appointing a backup Guardian

If you have children, appointing a Children's Guardian, just in case, is a significant decision as they'll potentially be responsible for their medical treatment, education, housing and other day to day considerations of your kids, if you unexpectedly become sick or injured and unable to care for them, or if you unexpectedly pass away.

Appointing a Children's Guardian will help support your children through the difficult transition in the event something happens to you. It will also avoid any uncertainty over who is responsible for them, and may assist in reducing extended family conflicts in the future.

Pro Tip: In multiple-parent families, the surviving parent is made solely responsible due to the presumption of shared parental responsibility prior to the death of a parent. However, in single parent families, the appointed Guardian will be responsible for the minor children (those under the age of 18) in your absence and will have decision-making powers over their care, welfare, and development.

When thinking about who might be a suitable Children's Guardian if you have dependant children, be sure you have considered the following.

1. It's important you choose someone you believe will make these decisions in your children’s best interests.
2. The person you are considering appointing should be made aware of the significant responsibilities of this role and agree to the nomination.
3. The person you are considering should have funding for this task in the form of a separate Life insurance policy (or super payout nomination) for this purpose.
4. Remember, the choice of a Guardian does not have to be forever.

You may choose to include a Letter of Wishes separate to your Will that provides any specific arrangements and guidance for your guardian. just in case

What do you need to do now?

1. Download our Free eGuide 7 Myths of Modern Estate Planning.
2. Download our Free Family Tree worksheet to help you begin to see the individuals you may have to be aware of in your estate.
3. Then Contact us for a confidential chat about your circumstances.

Pro Tip: Our Beneficiary Management Service can help ensure your nominated super fund and life insurance beneficiaries are correctly nominated and always up to date, just in case.

How we can help

Modern Estate Planning for Single people (and single-again folks) is about maintaining your independence and making your decisions legally binding on others. It's an important part of protecting yourself, your family and friends, and your business.

Contact us for a confidential chat about your needs.