It is a common misconception that if an individual or couple does not have children, there is no real need to create an estate plan. However, it is an important step in planning for the future that everyone can benefit from.
What happens if someone dies without an estate plan in place?
When this happens, it means an individual dies intestate. Without children, 100% of one’s assets will pass on to a spouse, but they must be legally married to that person. If an individual is unmarried, their parents are next in line to inherit the assets. Next in line are grandparents, then if the individual has no living grandparents their estate is split between their grandmother and grandfathers’ sides of the family. Finally, if an individual has no surviving family to inherit their estate, the assets are passed on to the State of Florida.
What are the benefits of estate planning without children?
An individual or couple without children are still able to derive many benefits from the creation of an estate plan. The first is the ability to pass on property and other important assets to loved ones who are not heirs or part of the specified group of family members that assets are passed on to when an individual dies intestate. A person can also choose to leave contributions of their estate as a donation to charities or other organizations that may have had an impact on their life.
A question many people who do not have children may ask is, who will care for me as I become older? This question can be answered through the creation of an estate plan because it allows you to decide how you want to be cared for as you age. Whether this be through in-home care with a hired caregiver, an assisted living facility, a nursing home or a combination of these. This allows an individual to have peace of mind that they will reside in a place of their choice as they age.
Aspects of Estate Planning
An important aspect of an estate plan is the ability to name a power of attorney, a healthcare surrogate, and an executor of the estate. In the event you are unable to make decisions yourself, a power of attorney can handle financial matters and a healthcare surrogate can make medical decisions. The executor is the person who handles the estate after the individual passes, this person ensures that the estate is dispersed as the creator wanted it to be. An individual should make sure that the person or people designated to take on these responsibilities is someone they can trust, as their decisions could have a big impact on one’s estate or life.
Finally, many people who do not have children still have pets whom they love dearly. Like a child, these pets can have guardians named to care for them after their owner passes away. This guardian can be a friend, family member, or even a trusted pet organization, such as the SPCA, who will find the pet a new family.
There is no perfect time to create an estate plan, but the creation of one sooner rather than later can be a relief when the time comes for these decisions to have an effect on an individual’s life. Although this may appear to be a daunting task, the right estate planning attorney will help to ensure that this is a smooth process, and it is done correctly.