The Importance of Estate Planning for People Without Children
These days, it is becoming more and more common for individuals or married couples to go through life without having children. Some make this choice for economic reasons. Others do it to have more freedom or because they don’t want to bring a child into this world. Whatever your reason for not having children, you will still have to make decisions about estate planning and what will happen to your assets when you die.
In many families, parents split their possessions and property between their children. When there are no children to leave assets to, however, you have a variety of options. If you do not create a will, your estate will pass to your spouse under intestacy laws. If you have no spouse, or if your spouse has predeceased you, your assets would pass to your parents or to their living descendants.
Many people prefer to direct their assets to a specific organization or purpose rather than distributing it among possibly distant family members. An estate plan created by a knowledgeable attorney can help you ensure that your property will be used for these purposes. Furthermore, creating a solid estate plan now can make it harder for people to exploit you as you age.
Estate plans aren’t only about inheritance. Those without children benefit from the other tools of estate planning such as:
- Creating power of attorney documents to state who can make decisions for you when you are not able
- Writing living wills to establish your preferences regarding medical treatments
- Designating a healthcare surrogate to make medical decisions on your behalf
These tools help can help you and your loved ones, even if there are no children in the picture.
For further guidance, be sure to consult a dedicated Florida estate planning attorney with the Charles Law Offices right away.