Singles Estate Planning 101: Where Do Your Assets Go When You Don’t Have Children?

Millennials are rewriting the rules of adulthood. More are choosing to remain single, childfree, and focused on career growth, travel, and personal freedom over more traditional goals. While this shift in priorities reflects a growing cultural trend, it also brings with it new financial and legal responsibilities—particularly around the unique estate planning needs of singles and childfree individuals. 

But how does this affect asset distribution, and what happens to property and wealth after someone without children or a spouse passes away? As your estate attorney in Lexington and Fort Mitchell, Elder Law Lawyers is here with the answers.

Estate Planning for Singles: Why Millennials and the Childfree Should Start Now

Most people don’t think about wills or trusts until they’re older, married, or have children. But for childfree and single adults, creating an estate plan is just as important, if not more so. Without the default structure of a spouse or children to make decisions or inherit assets, Single individuals must create a clear and legal plan that reflects their wishes.

This is especially relevant in Northern Kentucky, where many young professionals are buying homes, building wealth, and living independently. Whether you’re in your 30s, 40s, or beyond, working with an estate planning attorney in Lexington and Fort Mitchell, KY, can help you create a plan that fulfills your wishes and protects what matters to you most.

Why the Estate Planning Needs of Singles Can’t Wait

Putting After-Life Plans Into Your Hands

It’s easy to see why younger adults put off estate planning. When life feels like it’s just beginning, estate planning may seem premature—but it’s one of the smartest ways to protect everything you’re building.

But estate planning is less about dying and more about preparing. Think of it as a blueprint for what happens to your assets, pets, digital accounts, and even healthcare decisions if something happens to you. If you’re single, those decisions won’t automatically fall to a spouse or next-of-kin. They’ll fall to the courts, unless you’ve made your wishes legally known.

If you’ve bought a house, started saving for retirement, opened a business, or just want your dog to be cared for by someone you trust, it’s time to put a plan in place.

What’s Included in an Estate Plan?

An estate plan is more than just a will. It’s a set of legal tools that gives you control, both while you’re alive and after you’re gone.

Key documents include:

• Last Will or Living Will – This is where you say who gets what. Whether you want to leave everything to a sibling, a friend, or a favorite nonprofit, the will gives you that power.
• Power of Attorney – This allows someone you trust to handle your finances if you’re ever incapacitated.
• Healthcare Directive – Also called a living will, this document lays out your medical wishes and lets you name someone to make healthcare decisions on your behalf.
• Beneficiary Designations – Accounts like IRAs, 401(k)s, and life insurance policies should have named beneficiaries. Without them, your estate could face delays or disputes.

If you’re single and childfree, you may want to designate a sibling, cousin, or close friend as your executor or healthcare agent. The state won’t make these choices for you—they’ll follow a default order that may not reflect your personal life or relationships.

Wills and the Power to Choose

A will is your opportunity to decide what happens to your belongings, from your car and home to your bank accounts and digital assets. It allows you to:

• Name who receives what
• Set conditions on gifts (such as age requirements)
• Appoint someone to carry out your wishes
• Express preferences for guardianship of pets or dependents

Do I Still Need a Will if I Don’t Have a Lot of Money?

Many people assume wills are only needed by the wealthy. That’s a myth. If you own property, have a bank account, or care about what happens to your possessions, you need a will.

Even digital assets like crypto wallets or PayPal accounts can be included in your estate. You can also set up “Transfer on Death” designations for bank accounts, allowing them to pass directly to a chosen beneficiary.

Without a will, the state distributes your assets according to its laws—which might mean everything goes to distant relatives instead of the friends or causes that truly matter to you.

Alarming Statistics Show the Need

According to Caring.com’s 2024 Wills and Estate Planning Survey, while 64% of Americans agree that having a will is important, just 32% have one. That’s the lowest percentage since 2020. Many people understand the importance of estate planning, but far fewer take the steps to create one. For single adults, this gap leaves them especially vulnerable. This highlights a significant gap in addressing the estate planning needs of singles and childfree adults, who often have fewer automatic legal protections.

How Our Elder Law Lawyers Can Help

Elder Law Lawyers works with individuals across Northern Kentucky to help them navigate the estate planning process with clarity and confidence. Whether you’re a millennial just starting to build wealth, a homeowner looking to secure your assets, or a childfree professional thinking about your legacy, our team is here to support your journey.

We help you draft wills, powers of attorney, and healthcare directives that align with your lifestyle. If you have unique goals, like supporting a nonprofit, protecting digital property, or managing long-term care options without a spouse or children, we can help design a custom plan that reflects those values.

There’s no better time than the present to take control of your future. Your estate plan is a powerful way to protect yourself, your assets, and the people or causes you care about most.

Start Planning Today with Elder Law Lawyers in Fort Mitchell & Lexington, KY

Work with a trusted estate planning attorney in Lexington and Fort Mitchell, KY to create a plan that works for your life today—and whatever comes tomorrow. Financial security starts with preparation, and no one should have to guess what your wishes might have been.

Call Elder Law Lawyers today at 859-543-0061 or schedule your consultation online. We’ll help you build the legal and financial foundation you need to enjoy life in Northern Kentucky and leave a meaningful legacy behind.