Often, people associate estate planning with making sure their children are cared for after they pass away. But, what about people who don’t have any kids. Well, estate planning is just as important for them. It doesn’t matter whether a person has children or not, or if they have high valued assets or not – estate planning is necessary for everyone in every situation. Here are some tips for creating an estate plan when you do not have children.
The Importance of a Will in a Wheat Ridge Estate Plan
Estate planning can be a simple process. Having a will and last testament is important. This will ensure that you have a say in how your estate is handled. When a person dies without a will in place, then the courts are left deciding how your estate is divided. Those who do not have children can usually find others to leave their assets to – like family members, friends, or even a charity or two.
Creating a Power of Attorney and Advanced Health Care Directive
Power of attorney and advanced health care directive are other important documents for those needing to estate plan. The power of attorney allows you to choose who will manage your finances if you become incapacitated. Along those same lines, the advanced health care directive is how you can choose who will make medical decisions for you if you are not in a position to do so yourself. These documents actually make everyone’s life easier. There is nothing more difficult then having a loved one pass away or suffer a serious medical issue and not knowing how they would want things handled.
Beneficiaries in Your Jefferson County Estate Plan
Choosing beneficiaries is another important part of estate planning. Not having children does not mean there isn’t anyone that you could name in your estate plan. Often, those without children will choose nieces and nephews, cousins, and/or friends to name as their beneficiaries. There are no rules about who you can choose to be apart of your estate plan.