Estate Planning Tips for Childless People
People who are single without any children often feel as though there is no need for them to worry about developing an estate plan. However, if you own any assets at all, you probably care about what happens to them after your death. In addition, there’s more to estate planning than just passing on assets.
Here are a few steps that are important even for child-free people to take to safeguard their estate and their futures.
- Execute powers of attorney: In doing this, you will be able to choose who will make financial decisions on your behalf if you become unable to make them for yourself.
- Appoint health care surrogates. A document appointing a healthcare surrogate names someone to make medical decisions for you if you cannot. Your surrogate might be a spouse or some other person
- The erect. Powers of attorney and health care surrogate designations no longer apply after your death, of course, but it is crucial to have someone you trust in this position while you are still alive so someone can carry out these decisions in accordance with your wishes.
- Create advance directives: You can create additional advance directives, sometimes called living wills for your healthcare surrogate and doctors to follow, so they know exactly which types of treatments you do or do not want and the other kinds of medical decisions you would make in given situations.
- Develop a will: Even if you do not have children, you probably still care about what happens to your assets after you pass away. That may be done through with just a will or a will and a trust. You can then determine who benefits from that will or trust, be it a significant other, living siblings, nieces or nephews, charities, friends or business partners. You should determine the kinds of documents best suited for you with the help of your estate planning lawyer.
For more information about the basic considerations even childless people should take into account when planning their estate, contact an experienced Tampa estate planning lawyer at BaumannKangas Estate Law.