Remember these tips for estate planning for people without children.
While many people who undertake estate planning are also planning for the future of their family, if you are a single or married adult with no children, estate planning can still be beneficial. If you have assets you care about, you want to ensure that you have some say over what happens to them when you die. Additionally, if you have friends, favorite organizations, or even siblings and nieces or nephews, you can decide to leave them assets or wealth in your will when you pass away. If you fail to create an estate plan, the state decides what happens to your assets after your death and may distribute items to siblings or distant heirs you don’t want to receive your estate.
Additionally, you will want to establish a durable power of attorney and create a living will so you have someone responsible for making your decisions if you become incapacitated. Before you meet with your trustworthy Millman Law Group lawyer, remember these questions people without children should consider when estate planning.
Who Will Be Your Personal Representative?
One of the most critical estate planning decisions is selecting your executor or personal representative. This person will carry out the provisions of your will, so you should feel that you can trust them and they are capable of this responsibility. Make sure you talk with this person first before assigning them this duty.
Who Would You Want to Make Decisions On Your Behalf?
After selecting your personal representative, you will want to specify who you want to represent your interests, both financial and medical, if you are incapacitated. This should be someone you trust to make tough decisions and to follow your wishes. Many people select their spouse for this role, but it’s best to name an alternate choice if your spouse cannot take on the role when the time comes.
If you do not have a spouse, creating these documents is essential because it will ensure that you will have someone to advocate on your behalf if something happens.
Who Do You Want to Receive Your Assets?
Estate planning for people without children opens up plenty of opportunities to share your wealth and assets. When you’re not passing down assets to children, you can consider other options, including friends and extended family.
Would You Like to Support Charitable Organizations?
Estate planning for people without children or heirs often involves leaving money to charities. You may even consider setting up a charitable trust with funds to be distributed to your charity of choice over time.
However, you should be mindful of the tax bill your chosen organization may receive. You can plan your strategy carefully with your estate planning lawyer to minimize tax payments, making your charitable donation as effective as possible.
Do You Have Pets to Consider?
If you don’t have children to consider but do have pets, you will also want to take action to make sure they are cared for after your death. You can select someone to inherit your pets when you die, and you can even put money in a trust marked for their care.
Ultimately, estate planning is essential for people without children as well as those with a huge family tree. Estate planning determines who will take care of the things you care about after your death; creating a thorough plan with a reliable lawyer will help you enjoy incredible peace of mind.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.