While an estate plan is important for parents, people without children might find an estate plan even more essential. If you do not have any kids then the result of your savings, house and wellbeing is up in the air without a written plan.
Make sure your money gets into the right hands
There are three options for your money after you are gone:
- The government
- Family and friends
If you do not have any kids and you don’t plan on them, then establishing a will early in life can prevent your money from getting dumped down the governmental drain. You can create a will as early as your 30s or 40s to make sure that your money and belongings go to someone you care about. Even if you are in tip top physical shape you never know when an accident could happen.
Married people that pass on without children and without a will, can have their estate managed by the state. New York law dictates that your spouse will get all the inheritance once you are gone, and then your spouse’s relatives after they die. This means that whoever passes on first would leave nothing to their relatives. If you want to give something to family, friends, or charities then you will need a solid estate plan.
Get control over your future health care
Not only does can an estate plan cover your valuables, but it can also determine your future when you are incapacitated. A heath care directive will make sure that your instructions are met because picking someone to make decisions in an emergency might not always be apparent.
Sometimes a family member such as a brother or sister might step in to take charge if you become incapacitated. You might not want certain family members deciding your fate if you are not mentally or physically able to make decisions yourself. Finding someone to trust for your health care directive can be difficult. A spouse is a good option, but it is better to have a back-up plan. You could choose from a power of attorney, good friends, or younger family members.
If you are child-free and beginning to plan for your future then it is a good idea to contact an attorney. An experienced attorney can make sure that your estate plan encompasses everything that you wish for the future.