Continuing The Tradition Of EXCEEDING EXPECTATIONS

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What can you do with your estate if you have no children?

On Behalf of | Nov 15, 2022 | Estate Planning |

In the modern world, families can look a lot different than they did when you were growing up. They can have the typical mother, father and kids, or they can comprise two adults who never plan to have children.

Like many others, you may think you do not need estate planning if you do not have much in the way of family. However, Americans without obvious heirs or children need a plan at least as much as families with kids.

What can an estate plan do for the childless?

You probably know that having a will or trust allows you to choose who will receive your assets once you die, but an estate plan can do much more. For example, you can designate personal representatives to make medical and financial decisions if you should become incapacitated.

What about asset distribution?

If you die without a will and no close family, a California court will decide what to do with your money and property. It might not seem like a big deal because you will not be around to worry about your assets. You might not realize this, but estate planning can allow childless people to make a meaningful difference in the lives of others.

Those who love animals could benefit them by designating charitable gifts to organizations like the Humane Society or PETA. If you want to help children instead, you could leave your assets to St. Jude’s Children’s Research hospital or a charity that benefits the youth of America (or the world).

You probably worked hard to get where you are today. Estate planning empowers you to retain control of the assets you earned even when you are no longer here.