Estate planning is often associated with leaving an inheritance for a spouse or children. However, even individuals with no spouse or children can benefit from putting their affairs in order.
Whether an individual wants to provide for extended family, friends, charities or other organizations, proper planning can help them avoid legal complications and help ensure their legacy is handled as intended. With a clear plan, individuals without a spouse or children can more effectively preserve their legacy and leave their assets in the right hands.
Wills and trusts
Many people may falsely believe they should only create a will if they are leaving an inheritance for their spouse and kids. However, even individuals with no spouse or children can leverage this fundamental estate planning tool. In the absence of a will, an individual’s estate will be handed over to family members as per the state’s intestacy laws. Suppose an individual prefers to leave their assets to charities, close friends or other beneficiaries. In that case, intestate laws will not favor their preferences.
Individuals can also benefit from establishing trusts to boost their autonomy over their estate. For example, an individual can establish a revocable living trust to gain autonomy over their assets during their lifetime. Trusts are also ideal for individuals who want to keep their wealth private because they bypass probate.
Planning for healthcare and end-of-life decisions
Part of the reason why estate planning is so important is because it allows individuals to plan for healthcare and end-of-life decisions. For individuals who don’t have a spouse or kids, this is particularly important because it empowers healthcare providers with crucial guidelines. When an individual is unable to make their own healthcare decisions, the guidelines in their estate plan can guide medical practitioners on the right courses of action.
By establishing a living will, individuals can specify the types of medical treatments that healthcare providers can explore. Individuals can specify their preferences for:
- Life support
- Organ donation
- Comfort care aggressive treatment
Individuals may also consider designing a healthcare proxy to advocate for their medical choices.
Estate planning is essential even for individuals without a spouse or children. By enlisting legal guidance, individuals can help to ensure that they have an estate plan in place that caters to their unique needs.