Yes, you do. When you die without a will or trust, the law defaults to a set of statutes that are collectively known as the laws of intestacy. In general, these laws direct how an estate will be divided among a decedent’s relatives. For the Solo Ager, those distributions may not be in accordance with their wishes.
When Solo Agers’ relatives are absent or distant, how should their estate be handled?
Do they want their estate to go to funding a scholarship? Do they want their estate to go to those that helped care for them in their final days as a bonus (this should be done with extreme care due to the possibility of undue influence)? Do they want to split their estate between students they have been mentoring?
Who will settle the estate? A corporate fiduciary, such as Garden State Trust Company, should be considered for this important job.