Many adults think that they won’t need an estate plan if they don’t have children. The truth here is that you need to outline where your assets will go so that your loved ones won’t have to try to figure it out after you pass away.
Failing to set up an estate plan could mean that your estate is stuck in probate for a while. This can mean that your loved ones lose out on the benefits they could be receiving from your estate.
Setting up your will and trusts
You should have at least a will established for your assets. You may opt to use trusts instead so your loved ones don’t have to go through probate. Just be sure that you’re only including each asset in one place so there isn’t any confusion about your wishes.
One thing to consider if you don’t have children is that you may want to leave some assets for a favorite charity, a school or another institution. Your estate plan is where you can relay those wishes.
More than just your assets
Another thing that you need to include in your estate plan is who you want to make medical and financial decisions for you. These people should have power of attorney designations.
Any adult who hasn’t ever had children needs to get their estate plan in order as quickly as they can. Passing away without an estate plan in place means that your assets will be handed out according to the order of heirs set in the intestate laws. Discussing your circumstances with someone who is familiar with estate planning may be beneficial.