When one has no children of his or her own to pass on an inheritance to, it may seem pointless to form an estate plan. This is far from the truth, though. Those in Florida and elsewhere who do not have children to list as beneficiaries will still want to consider where their property will end up when they pass on — the government, charities or other individuals. This is why estate planning is still necessary.
Those who do not plan chance having a good chunk of everything they have worked so hard for turned over to the government. If one would rather any assets be distributed to other relatives, friend or charities, it will need to be carefully laid out in an estate plan. This goes beyond documenting everything in a will, however.
A will can be a great start to the estate planning process. This is a document that allows individuals to clearly state their final wishes. However, trusts may be needed to fully protect certain assets. Along with wills and trusts, a solid estate plan will include various other things, such as advanced directives for health care concerns and naming representatives in the event of incapacitation.
Regardless if one lives in Florida or elsewhere, there is no need to wait on estate planning until one has children. There simply are more benefits to going through this process as early as possible. An estate planning attorney can assist in creating a plan that works best for one’s current situation and can provide further help with any modifications required due to life changes down the road.
Source: usnews.com, “No Kids? You Still Need an Estate Plan”, Molly McCluskey, Oct. 14, 2015