One of the most common misconceptions about estate planning is that it’s primarily important for those who have young children. Though leaving a legacy for one’s descendants is certainly one of the perks of estate planning, it’s not the sole focus. Even those who do not have children can benefit from estate planning—and in a number of ways. Here are just a few of them.
5 Reasons Everyone Should Have an Estate Plan
- For starters, your estate plan is where you name the executor of your estate—the person who will be entrusted with executing all the details of your will, following your death. This is a necessary step to keep all your assets from going to probate, and it’s something that matters whether you have kids or not.
- During the estate planning process, you can line up the documents needed to assign legal power to friends or loved ones, empowering them to make important financial or healthcare decisions on your behalf, should you ever become unconscious or incapacitated.
- Even if you don’t have kids, you probably do have assets that you’ll leave behind—and even if you simply want to leave everything to a partner, spouse, or sibling, it’s important to have a will spelling it out.
- Likewise, estate plans can allow you to specify charities and non-profits that will benefit from your estate—a powerful way to leave a legacy behind.
- Finally: You may not have kids, but do you have pets? Don’t forget that estate planning enables you to care for them, too!
Everyone Needs Estate Planning
Virtually everyone needs to think about estate planning—and we recommend doing so with guidance from a skilled attorney. We can help; reach out to Singh Law Firm to schedule an estate planning consultation.
