I have a friend who swears he’ll never get married or have kids. The other day, while we were talking about work, he casually remarked, “Why do I even need a will? I don’t have a spouse or kids, so I just assumed everything would go to my friends.”
Au contraire, mon ami.
This conversation inspired me to write this blog for all the lone wolves out there – because, yes, you should have an estate plan. Whether you’re a lifelong bachelor, a committed bachelorette, or simply someone who prefers to go their own way, having a solid estate plan is essential. Without one, the government decides who inherits your wealth – and let’s be honest, no one wants the province choosing their beneficiaries.
Here’s what you need to consider when planning your estate as a party of one.
1. Who Gets Your Stuff?
If you don’t have a will, your assets will be distributed according to intestacy laws, which vary by jurisdiction. In Ontario, for example, if you die without a will and have no spouse or children, your estate typically goes to your closest living relatives – parents, siblings, nieces, nephews, and so on. But what if you don’t want your long-lost cousin Frank inheriting your life savings?
As an eternal bachelor or bachelorette, you have complete freedom to decide where your money, property, and possessions go. You can:
- Leave everything to a friend, sibling, or relative you actually like.
- Donate to a charity or cause you care about. Want to fund scholarships, animal shelters, or climate change initiatives? A well-crafted estate plan can make that happen.
- Set up a trust for a beloved pet. (More on this later!)
- Pass down sentimental items. Your watch collection, first edition books, or classic car should go to someone who will truly appreciate them.
The key? Put it in writing. A valid will ensures your assets go exactly where you want them.
2. Who Makes Decisions for You?
Estate planning isn’t just about what happens when you die – it’s also about protecting yourself while you’re alive. If you become incapacitated due to illness or injury, who makes financial or medical decisions for you?
If you don’t name someone in advance, a court may appoint someone on your behalf, and it may not be the person you’d want. Instead, put these documents in place:
- Power of Attorney for Property: Allows someone you trust to manage your finances if you’re unable to.
- Power of Attorney for Personal Care: Grants someone the authority to make medical decisions for you.
- Choose someone reliable—whether it’s a sibling, best friend, or trusted advisor—to ensure your finances and healthcare align with your wishes.
3. What About Your Pet? (Yes, You Can Include Fluffy in Your Will)
For many lifelong singles, pets are family (sometimes more than actual relatives). But without a clear plan, your beloved cat, dog, or parrot could end up in a shelter.
Consider your pets in your estate plan! This ensures that:
- Your pet goes to a designated caregiver.
- Funds are set aside for their care (vet bills, food, grooming—because Fluffy deserves the best).
- A trustee ensures the money is actually spent on your pet’s well-being.
Think of it as a safety net for your furry (or feathery) best friend.
4. Your Online Legacy
Estate planning isn’t just about physical possessions—it’s also about digital ones. Your social media accounts, cryptocurrency, and even personal data should be accounted for.
Who gets access to your social media accounts? Some platforms allow you to assign a legacy contact or request account deletion.
- What happens to your digital files and emails? Include instructions in your estate plan.
- Do you have Bitcoin or NFTs? Ensure your named estate trustee knows how to access and transfer them.
- Without a plan, your online life could become an unsolvable mystery.
5. Go Out on Your Terms
Who decides how you’re laid to rest? If you haven’t specified your preferences, it’s left to whoever the law designates as your next of kin—and they might not know what you wanted.
Some things to consider:
- Traditional burial, cremation, or something unique? (Want your ashes turned into a diamond? That’s an option.)
- Do you want a big celebration or a quiet send-off?
- How will funeral expenses be covered? You can set aside funds in advance.
Writing down your preferences spares loved ones from stressful decisions and ensures your farewell aligns with your wishes.
6. Who Handles Your Estate?
Your estate trustee is the person responsible for carrying out your final wishes – so choose wisely. This person will:
- Handle paperwork and legal filings.
- Pay off any outstanding debts.
- Distribute your assets according to your will.
Since you may not have an obvious candidate like a spouse or adult child, consider a trusted friend, sibling, or even a professional estate trustee.
Closing Thoughts
As an eternal bachelor or bachelorette, you get to choose where your assets go, who speaks for you in tough times, and how you’ll be remembered. That’s real power.
So, whether you’re leaving everything to charity, making sure your cat gets a cushy retirement, or planning an epic final send-off – put it in writing. Future You will thank you.
As for my lone wolf friend? I hope he reconsiders his estate plan. And if he’s reading this – I’ll take the black watch.
Boris