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Why you need an estate plan if you never had kids

On Behalf of | Dec 20, 2022 | Estate Planning |

Many people in Florida wait to make estate plans until they experience some type of major life event, such as a marriage or the birth of a child. Yet, waiting to create, or failing to create, an estate plan may lead to unintended consequences. An estate plan is an important thing to have in place even if you never plan to have kids, and there are a number of key reasons why.

According to Kiplinger, unless you outline what you want to happen to your assets and estate, the responsibility of overseeing where your assets end up falls on the state of Florida. There are other arguments, too, for creating an estate plan if you have no children. For example, it benefits you to have an estate plan if any of the following holds true.

You wish to donate to charity

Even without children, you still have options in terms of distributing your assets. You may have a nonprofit organization in mind that you want to support, or you may have another person in mind who you want to take ownership of certain assets, such as a close friend or sibling.

You want control over medical affairs

Making an advance health care directive part of your estate plan also has benefits. If you become incapacitated, your documents may tell doctors or loved ones if you want resuscitation, to donate your organs, if the need arises, and so on.

Having an estate plan may also make the probate process easier, which in turn helps the beneficiaries you do name in your plan gain access to what you leave behind faster.