Export on why singletons need to start thinking about estate planning 

Estate planning is often associated with people who have partners and families.

But with around four in 10 of people aged 65 and over in the UK single, it’s an increasingly important topic for singletons.

In fact, an increasing number of people are spending their twilight years living alone.

Steve Bish, who runs the award-winning S Bish Estate Planning, says “If you’re single, don’t assume you don’t need to plan.”

“When we think of estate planning it’s usually about inheritance or making a Will, but it’s so much more than that.

“It’s not just those who are retired who should be thinking about what to do with their property and income; being single can make planning for the future even more important.

“Having a spouse or civil partner who will automatically inherit and to whom you can automatically pass on your property without paying inheritance tax already makes one of the decisions about your estate easier.

“And with an ageing population, having the support of a partner or family allows the decisions about who will make decisions on your health or finances if you lose mental capacity much easier.

“So for those who have chosen, or find themselves unincumbered, it is particularly important to be clear about who should receive your assets and who you want to be responsible for any important decisions should you become unable.

“For single people in the UK, estate planning is not simply about what happens after death. It is also about protecting your interests during your lifetime.”

Make a Will to avoid Intestacy

“The most important starting point is a professionally prepared Will,” says Steve.

“A Will allows you to decide who should inherit your money, property and possessions, rather than leaving the law to determine the outcome. If you die without a Will, the intestacy rules decide who inherits your estate and without an obvious next of kin it means less clarity.

“You may not have a spouse but that doesn’t mean you want the tax man helping himself to your hard-earned cash when you’ve siblings, nieces and nephews, friends, charities or godchildren you would prefer to benefit.

Consider Inheritance Tax

Inheritance Tax (IHT) is an area where being married comes with benefits. In fact, Ricky Gervais has said he plans to marry his long-term partner of 44 years, author Jane Fallon, specifically to avoid paying a massive UK inheritance tax bill!

“For the 2026/27 tax year, the standard nil-rate band is £325,000,” explains Steve.  “If you leave your main home to direct descendants (like children or grandchildren), you get an extra £175,000 allowance, bringing your total tax-free threshold up to £500,000.

“So that’s another blow for single people who will come to estate planning from a different position to married couples or civil partners.

“There is no spouse or civil-partner exemption available to shelter assets passing between partners, nor can a surviving spouse inherit an unused nil-rate band from a deceased partner.

“If your estate is substantial, professional advice can help you consider lifetime gifts, charitable giving and other legitimate estate-planning strategies although be warned, a long-standing loophole on gifts left through charitable trusts is about to be closed.”

Lasting Powers of Attorney

Estate planning is not just about what happens after you die. In fact, if you do live alone or don’t have children, it’s arguably more important to plan for if you become ill or lose capacity to make decisions over your health or finances.

In these situations, appointing Lasting Power of Attorney (LPA) should be high on your list of priorities.

Whoever you choose, they don’t have to be a relation but they have to be someone you trust to make the right decision in your best interests, or to follow instructions you leave. This is someone who could be controlling your finances or even decisions over medical treatment

These need to be properly completed and registered which you can do via the government website.

Letter of Wishes

“Estate planning is not solely about money,” says Steve. You may have particular preferences about things as varied as funeral arrangements to who is responsible for any pets.”

“Alongside a Will, you should complete a letter of wishes which provides guidance to those dealing with your estate after you’ve passed and can help to avoid any legal wranglings over the distribution of assets which could be more likely if there is no clear next of kin.”

Keep Your Plan Under Review

“Whether you’re single, married, without children or have generations following you, estate planning is not a one-off exercise,” says Steve. “Your circumstances can change through a new relationship, property purchase, inheritance, retirement, changes in family circumstances or changes to tax law so it’s important to update any legal documents to reflect that.

“I advise clients to review their Will, LPAs and wider estate planning every few years, when there is a change in the law or after any significant life event.

“Just because you aren’t married doesn’t mean that you won’t want control over who can benefit from your estate and who you can trust to take responsibility should you need someone to make decisions on your behalf.

“In fact I would argue it’s even more important and if it’s something which is worrying you, a specialist will be able to advise and provide you with valuable peace of mind.”