Strategies for Single Individuals

Is a living trust a good idea for someone who is single and has no children?

Yes, if you are widowed or divorced or have never married, a living trust offers protection for your estate. It can completely eliminate living probate and death probate. Further, if properly funded, your trust will ensure that your hard-earned wealth will be distributed to those you designate in the trust in the manner that you decide.

What goals should I have if I have no family?

Because more people today are choosing to remain single, and because people in general are living longer, it is becoming more common to encounter individuals who have no families. For such people, the paramount concerns are disability planning—finding the appropriate persons or financial institutions to carry out their decisions regarding disability and health care—and determining their beneficiaries.
Usually, these individuals have lifelong friends who can carry out the decisions and/or be named as beneficiaries, or they participate in worthy causes or organizations that lend themselves to charitable planning.