Losing a child is already unimaginable. Many single adults assume “my parents will automatically get any assets I have,” but that is not always simple or immediate.
In the past month, two mothers I love dearly have lost their young adult children, and their unimaginable grief has been compounded by administrative confusion and legal complications because their children had assets but no will or beneficiary plans in place. Neither owned property (thankfully) but had assets like:
- 401(k)s
- retirement accounts
- life insurance policies
- pensions
- brokerage accounts
- cars
As was the case, no beneficiary was named on these assets which could have avoided the probate process. Many young people will complete these forms when they’re hired and never re-address if they ever named a beneficiary.
Even young adults with modest assets should have:
- updated beneficiaries
- a basic will (you can find one for free on the internet)
- medical and financial powers of attorney
- instructions to your parents, where they can find your documents.
A 15-minute review today can save loved ones months of confusion later. If you are single and this is you… I encourage you to login to your HR portal this week to see if you have any of these accounts and a named beneficiary, check your contingent beneficiaries and contact information. It’s one of the kindest things you can do for the people who may someday have to carry the weight of your loss.
If you are a parent with single children in the workplace have the conversation with them. Hopefully, you can use yourself as a example so they will also know what to do in the event of your death. These are not easy subjects but with planning and frank discussion, they can give everyone some peace of mind.
