Regardless of age or marital status, it is important for everyone to have an estate plan in place. For those who are single, it may be impossible to pass assets on to future generations without a will or a living trust that dictates where possessions go upon passing. Unless it is clearly stated, possessions are divided according to state law. It is also important to know that an IRA or other retirement account may not be able to be passed on regardless of what actions are taken.
Having a medical directive is also important for those who are single or not legally married because federal law may make it impossible for anyone other than immediate family members to visit in a hospital unless they are specifically allowed to in writing. Single people who are in a relationship with another person could also be putting their partner's assets at risk if they have to be put in a long-term care facility that is paid for by Medicaid.