Estate planning involves a number of personal decisions. The best estate plans are personalized to the individual that writes them. This is why online, one size fits it all estate planning documents are often not the best idea. This is also why some people struggle to complete their estate planning goals. Even if you do not have children, it is still absolutely vital to create an estate plan because it can help achieve a number of other goals, which are discussed in this article.
# 1 – Incapacity Issues
Every adult should have an advance healthcare directive as well as a power of attorney regarding financial and legal decisions. These documents help to make sure that a person is taken care of in case they become incapacitated and can no longer care for themself. If you become incapacitated without having any estate planning documents in lace, your loved one will be required to make decisions that they think are in your best interests. Ideally, the person that is named to act in this role should be someone that you trust to make sure your wishes are fully carried out as well as an individual who is capable of weather even the most difficult decisions.
# 2 – Asset Related Decisions
A large number of people struggle with not just who to give their assets to, but also how to properly transfer these assets without facing an undue amount of tax. Because a large number of us will survive our parents, it is critical to name beneficiaries in estate plans. For individuals who do not have children, this frequently means naming nieces and nephews as beneficiaries of an estate. Others decide to pass on their estate to charities or friends. Deciding to leave an estate to a charity can be a particularly complex decision. Even for donations that are made after a person’s death, there are several methods that can be used so that the charity receiving the donation does not receive a large tax on the amount.
# 3 – Taking Care of Pets
Many people without children have a strong relationship with their pets. Fortunately, an estate plan can help establish who will take care of a person’s pets following their death. One of the most common approaches to care for pets following a person’s death is to leave some money to a friend for the purpose of taking care of the pet. Other individuals decide to establish more formal pet trusts.
Obtain the Assistance of an Experienced Estate Planning
Even if you do not have children, estate planning can achieve some substantial goals including care for your incapacity and any pets that you leave behind. If you have questions or concerns about how to create the best possible estate plan, you should not hesitate to speak with an experienced attorney. At Ettinger Law Firm, we have substantial experience helping individuals navigate the complex issues associated with estate planning. Contact our law office today to schedule an initial free consultation.