Ask yourself this: If I got into a car accident tomorrow and became incapacitated, who would make medical decisions on my behalf? Do you know if that person’s decisions would be in line with your wishes? Do you know who would pay your bills? If these questions concern you — and they should — it’s time to start thinking about some basic estate planning even if you don’t have a spouse or children or a substantial amount of wealth to pass on.
That’s right; even young, single people need to do some estate planning. The good news is that you don’t need an elaborate, complex plan at this point. You can set up a plan for your medical and financial affairs by executing two simple documents — an advance health-care directive and a durable power of attorney — and you can do it in less than 30 minutes.