Estate Planning Considerations for People Without Children
Just because you do not have children doesn’t mean you don’t have a reason to plan out your estate. If you care at all about what happens to your assets after your death, it is important to spend some time considering your affairs.
Here are just a few of the most important considerations for you to focus on:
- Possessions: Simply put, who do you want to get all your stuff? If you’re married, you can easily leave everything to your spouse. But you should also consider other family, such as parents, siblings, nieces, and nephews, as well as friends and colleagues.
- Charities: A lot of people without children like to leave money or possessions to charitable organizations they support. This could be a church, or it could be a nonprofit. You might wish to begin leaving large donations while you are still alive so you can see their results and maximize the tax benefits, but you can also set up a trust with funds specifically designated for charities of your choice over a certain time.
- Pets: Do you have pets? If so, you may want to use your estate plan to make sure they’re cared for after your death. You can choose someone who will take possession of them, provide instructions for their care, and leave behind funds and items specifically devoted to providing for their care.
- Personal representative: You’ll still need to name a personal representative for your estate—you just won’t be leaving anything to children as your heirs.
- Medical and financial needs: Your estate plan doesn’t just deal with your possessions—it also helps you ensure you have someone who can step in and make decisions for you when you are incapable of doing so. Use your estate plan to grant healthcare and durable power of attorney so you have your medical wishes and financial responsibilities covered if you are incapacitated.
To learn more about the most important aspects of estate planning (with or without children), contact an experienced Tampa, FL estate planning lawyer at BaumannKangas Estate Law.