If you have no children, you might wonder if you even need an estate plan. It might seem like a waste of time and effort to make one when you do not need to protect any children. You might be surprised to learn, then, that there are many other great reasons for people without children to make an estate plan.
- Pass on Your Wealth to Chosen Heirs
Without an estate plan, all of your money and property will get distributed through the process of intestate succession. Intestate succession means that a spouse and any close relatives will most likely inherit your entire estate. You might, however, want to leave inheritances to others besides close relatives. Some people choose to donate part of their estates to charity, while other want to leave gifts to friends and valued colleagues. Also, you might want to consider how to grow your wealth over time.
Estate planning is a straightforward way to accomplish these goals. You can sign a will, create a trust, or set up other estate planning structures to grow and pass on your wealth. Once the structures are in place, you will have peace of mind about what will happen to your assets after you pass away. Also, you can leave a legacy for the future even though you do not have children.
- Settle Your Affairs
Moreover, estate planning is not just about leaving money to children or spouses after you die. Powers of attorney and medical advance directives have become an important part of many people’s plans.
If you do not have a close family member like a child around to make decisions if you cannot, then setting up powers of attorney is a good idea. They allow your chosen agent to act on your behalf in areas that you choose, such as financial or medical affairs. Advance directives and living wills can specify your medical treatment and end-of-life wishes too. These documents help protect your well-being and financial health, and they are simple to set up with a lawyer’s help.
In sum, there are many good reasons to begin an estate plan if you do not have children. If you would like to get started, reach out to a local estate planning lawyer for help.
Want to start planning your estate? Local attorney Andrew Szocka, Esq. provides thorough and speedy estate planning help in the Chicagoland area. To schedule a free initial consultation, visit the Law Office of Andrew Szocka, P.C. online or call the office at (815) 455-8430.