It’s not always easy to think about the future, particularly when it comes to considering one’s death and what will happen to his or her estate. Y
ou may find these factors difficult to think about, and you may decide it’s not really necessary because you do not have kids.
This is actually not true. There are many reasons why childless couples will benefit from estate planning.
Even without kids, you and your spouse probably have strong feelings about what will happen to your assets, including money and various types of property after you die.
Without a will, a court gets to determine what happens to your estate, and it can leave loved ones in a legal predicament as they may then try and stake a claim to property and assets.
It can be quite complicated, and you can avoid these issues with a strong estate plan in place.
Problems you can avoid
Of course, one of the most important steps you can take regarding the security of your estate assets and protecting your interests is to draft a will. Even a basic will can outline what you want to happen to your property and even specify who will take care of a beloved pet. Through this and other estate planning steps, you may be able to avoid problems, including:
- Medical decisions – Through certain documents, you can decide for yourself what will happen in case you cannot express your own wishes regarding medical care, life-saving interventions and more.
- Beneficiary disputes – By keeping your estate plan updated and current, you can avoid the potential that beneficiaries will fight over your estate. Updates and changes may be necessary after family deaths, divorces and other life changes.
- Charity confusion – If you want to give a significant portion of your estate to charity, you need to have very clear instructions regarding what charity you want to leave it to, how much and how you want the money used.
These are just a few ways that you can avoid problems with your estate and health care down the road. It may help to discuss your concerns with an experienced New York estate planning attorney regarding how you can draft a plan that will be make things easier after you pass and protect the interests of your designated beneficiaries.
If you do not have an estate plan or it has been a while since you’ve looked over your plans, the time to act is now. The future is unpredictable, and even if you do not plan to leave your wealth and assets to children, you will have the right to have a say over what happens to it.