Should I Create an Estate Plan If I Have No Children?

Just because you do not have children does not mean that you should skip creating a proper estate plan. In fact, there are several important reasons why you should create a comprehensive estate plan so that your property, assets and even medical wishes can be handled the way you want. Here, the estate planning attorneys at Rodier Family Law provide an overview of ways you can plan your estate whether or not you have children.

Determine Which Loved Ones Will Be Granted Your Property and Assets

Even though you may not have children, you still may have close friends or family members whom you would like to inherit your property and assets. Consider looking carefully at your real and personal property to determine whom you would like to inherit your personal belongings. This is an imperative step in the estate planning process because it is important that your special valuables are being gifted to the proper individuals upon your death. Otherwise, the responsibility of determining how your property is distributed will be up to the state, and the decisions of the state may not match the wishes that you have regarding how your property should be distributed.

Appoint a Trusted Executor

Not only is it important to create a detailed and specific estate plan that designates how your property and assets should be distributed, but it is necessary to choose a trustworthy executor who will be in charge of carrying out your wishes. This individual should be someone you can trust to take on the responsibility of making sure the provisions of your estate plan are properly handled. Even though you may not have a child to pass down your assets or name as an executor, it is still important for you to choose an executor, whether they be a close friend or family member, to make sure your assets are handled according to your wishes after you die. 

Consider Donating to Charity

If you have no children to inherit your assets, you may wish to pass down your estate to a charity or organization of your choice. While this may mean that the organization you choose to donate to will have to pay significant taxes on your gift, there are methods to ensure your organization receives your inheritance with little tax burden. Speak to an estate planning attorney, such as an estate planning attorney at Rodier Family Law, about how you can leave money to your favorite charity without forfeiting an excessive amount of money to taxes.

Ensure Your Medical Wishes Will be Carried Out

It is important to appoint a trusted individual to make financial or medical decisions on your behalf in case you ever become incapacited or unable to make decisions for yourself. This individual should be trustworthy and responsible and understand the duties for which they are accountable. Typically, individuals will appoint their spouse to make important life decisions on their behalf, but if you are not married, you can choose any close friend or family member whom you trust to make these decisions.

Speak to a Dedicated Estate Planning Attorney at Rodier Family Law Today

Constructing a detailed estate plan can be complicated and stressful, especially because it deals with a sensitive topic that can be hard to think about. While the estate planning attorneys at Rodier Family Law understand the difficulties involved in creating an estate plan, we also believe it is vital that you properly signify how you want your valuable assets to be distributed so that the decision is not placed in the wrong hands. If you are interested in speaking with a dedicated estate planning attorney about creating a comprehensive estate plan, contact Rodier Family Law at our Bel Air location today.