When you plan a solo vacation, you might be thinking of a week in Tuscany. I'm thinking about the permanent solo trip we're all eventually taking.
If you're a single adult, or someone who prizes their independence, who is your "In Case of Emergency" person? If you go on a solo hike and end up in a coma, who do you trust to manage your condo, pay your taxes, and tell the doctors what to do?
If you haven't named them in a formal legal document, the court will pick someone for you. And trust me, the court's choice might be that cousin you haven't talked to since the '90s because he "borrows" money and never returns it.
Action plan
- Identify your agent. This should be someone local, organized, and someone who won't have a panic attack in a hospital waiting room.
- If you're solo, consider a professional agent or a trust company.
- Ask me about single person estate planning. It's actually more complex than planning for a family.