You know that estate planning is going to be a breeze. Why? You don’t have children, so you feel as if there is nothing you have to worry about. The same rules don’t apply… right? A huge percentage of people say they don’t have a will and are not sure how their estate will be divided when they pass away. When there is no will, usually the spouse and the children will receive belongings from their loved one. However, when there are no children in the picture, things can go awry. What happens if you leave your things to your spouse, but then your spouse passes away? Where does everything go?
According to the laws in most states, assets will make their way to the different sides of the family. However, there are certain people you may actually want to receive certain things and you just haven’t thought about it. And there might be people who you don’t want to receive your assets at all. As you can see, these cases can get very complicated. No matter what, it always makes sense to designate someone during this time. We want to help you understand some tips to estate planning when children are not in the mix, and how it can pave the way to your success.
Helping You Plan
Executor Designation: A question you should always ask is: Who should be the executor of your estate? Executors carry out provisions in your will, so this is an important designation. Make sure that the people you choose for these important aspects of your life are people that you can trust, and who have the capacity to do so. Make sure they’re okay with your decision to make them the executor as well.
Making Decisions on Your Behalf: Choosing an executor is important, but you also want to choose someone to make a decision on your behalf if you are unable to do so. This includes a financial and medical level. Many people choose their spouse during this time, but what if your spouse is unavailable to do it when the time comes? Everyone knows someone who can advocate on their behalf, even if they are childless and without a spouse. This is something to think about.
Gaining Assets: Next, you want to think about who should obtain your assets due to the fact that you have no children to inherit. You want to make a list of every asset you can think of, as well as the people who you want to inherit from you. Think about all the people who play a role in your life as well as the charitable organizations you might want to donate to after you have left things behind.
Pets: Don’t forget your pets! Your pets are like family so you want to choose someone that can take care of them as well as provide that person with money to care for them.
No matter what, it is important to have a plan in place for your future. Luckily, at the Leiva Law Firm, we will stand by your side as you prepare your estate and document for the future. Call us as soon as possible to get started today at 818-703-1777.