Creating an estate plan ensures that your assets, property, and items pass along to the individual you want to have them when you’re gone. But while most people consider an estate plan to pass their belongings on to their wife, children, or grandchildren, what about individuals who choose not to get married or have kids?
In some ways, an estate plan may be even more necessary for someone without a spouse or children. Without a clear line of succession, you’ll want to ensure your property and assets are passed on to the individual you would want to have them.
Creating an Estate Plan Without a Spouse or Children
One of the biggest problems that comes with creating an estate plan without a clear idea of who should receive your assets is knowing who to pass your property and assets along to. Young individuals believe their plan can wait until marriage or children come, and older individuals feel as if there is little to protect. But the truth of the matter is if you have assets that could be caught up in the court system if you pass away, an estate plan can save everyone time and money.
Other major components of an estate plan include naming someone as the decision maker of financial and personal issues if you should become unavailable. This also includes someone who can make medical decisions for you if you are unable to make them yourself. For a married person, this usually is their spouse or children but can be a good friend or family member without them.
Most individuals will name their parents as the recipients of their estate. If the parents have already passed away, they may name a sibling, niece, or nephew. A long-term partner may also be an option for the beneficiary of your estate plan.
Updating Your Estate Plan
For someone without a spouse or children, the estate plan may need to be updated for frequently. As people come and go from your life, someone close to you may grow apart and it would no longer be appropriate for them to make decisions if something should happen to you.
It is important to consistently revisit your estate plan and see if changes need to be made. For assistance creating your estate plan, contact Brooklyn Estate Planning Attorney Michael F. Kanzer & Associates, P.C. Our Broolyn law office can be contacted at 718-769-7200.