3 Questions People Without Children Must Ask When Developing An Estate Plan

Even if you do not have children, developing an estate plan is very important. Doing so will allow you to protect your assets and secure your legacy, ensuring that your estate is allowed to satisfy your post-life goals.

Going over the three questions you must ask if you don’t have kids and are developing an estate plan, while speaking with a lawyer who can help you, will help you develop an estate plan that satisfies your goals. 

Question 01: Is There Anyone I Want To Give A Portion Of My Assets To? 

Even though you do not have any children, there may be a few people you would like to give a portion of your assets to. This could be a close friend or a family member; among many other possibilities.

If you can think of anyone you would like to give some of your assets to, you should put them on a list of potential beneficiaries. And, you should go over what you want to give them, so that you can add it to this list.

A good example of the above is as follows: if you have a close friend who loves cars, you can give them the car that you own. Doing so ensures that your car goes to someone you really care about. 

Question 02: Who Should Make Decisions For You If You Cannot Do So On Your Own? 

In the event that you are ever incapacitated – and, as such, unable to make decisions for yourself – someone else will need to make decisions for you.

Just as an example, if you are in a coma, and need to go through surgery, this decision might be made without your consent. This could lead to the wrong decision being made, such as being resuscitated when you do not want to be.

To ensure that your wishes are honored, you can give a trusted person the ability to make decisions for you. This means that, if you are ever unable to make decisions for yourself, someone you trust can do so for. 

Question 03: Do I Want To Give A Portion Of My Assets To Any Particular Charities Or Groups? 

You may not want to give a portion of your assets to any particular person. And, if this is the case, you can think about any charities, or groups, you would like to give a portion of your assets to.

A good example of this is as follows: if you love animals, you could give some of your assets to a charity that works with animals. Or, if you are a veteran, you could give some of your assets to a veteran’s group.

If you do not assign your assets to a particular individual or entity, then they may not go anywhere you would like them to. This can be avoided by figuring out who/what you would like the assets in your estate to go to. 

Speak With A Florida Estate Planning Lawyer Today 

If you are developing an estate plan, working with a lawyer is one of the best choices you can make. Speak with a Florida estate planning lawyer at Millhorn Elder Law Planning Group today and we will help you develop an estate plan that satisfies your goals.

Sources: 

law.cornell.edu/wex/beneficiary

law.cornell.edu/wex/power_of_attorney