Estate planning isn’t an exciting task—it’s easy to procrastinate, or even decide you don’t need one—especially if you are single, or married without children. You wonder, Why would I need an estate plan if I don’t have anyone to pass my assets down to? But having an estate plan is important for everyone—regardless of whether or not you have children.
Below are three reasons why you may want to consider having an estate plan in place, no matter what:
Incapacitation
A durable power of attorney (DPOA) is a legal document that allows you to appoint someone to act on your behalf in the event that you become incapacitated and unable to make decisions for yourself. It is important to have a DPOA in place because, without it, a court may have to appoint a guardian to make decisions for you, which can be a lengthy and costly process. A DPOA ensures that the person you trust to handle your affairs is in charge, rather than a stranger appointed by the court.
Creating a Trust
A trust is a legal arrangement where assets are held and managed by a trustee for the benefit of the beneficiaries. Trusts can be created during a person’s lifetime (living trusts) or after their death (testamentary trusts). They can be used to manage assets and distribute them as desired, often with the aim of avoiding probate, which is a court-supervised process for distributing a deceased person’s assets. Trusts can also provide tax benefits, help protect assets from creditors, and ensure that assets are distributed according to the wishes of the person who created the trust. When creating a trust, it is important to appoint a trustee who will manage the assets and make sure they are distributed according to the terms of the trust. An estate planning attorney can help you determine the type of trust that is best for your situation and guide you through the process of creating a trust.
Assets
If you do not have children, it is important to have a plan in place for the distribution of your assets after your death. This can be accomplished by naming a beneficiary in your will or through a trust. The beneficiary can be a relative, friend, or charity of your choice. Naming a beneficiary ensures that your assets will be distributed according to your wishes, rather than being determined by the state.
Including charities in your estate planning is a way to give back to the community and support causes you care about. You can choose which charity you would like to receive a portion of your assets, and specify how you would like the funds to be used. An estate planning attorney can assist you in making these decisions and incorporating charitable giving into your overall estate plan.
Register for a Free Estate Planning Workshop
The Deliberato Law Center is a highly experienced estate planning and elder law firm with a long list of happy clients. We care about protecting your assets and securing your legacy, and want the estate planning process to be as seamless as possible. We offer free workshops to gently guide you towards planning your estate. Register for our upcoming workshop and get answers to frequently asked questions about estate planning and more.
Contact the Estate Planning Attorneys at Deliberato Law Center
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