So, you are trying to get your estate documents in order – but you have big questions because you do not have children. In many cases, couples or single people put off estate planning in Massachusetts because they do not have kids. The truth is, though, that everyone needs estate planning services, not just those with large estates or those with direct heirs. Here is how to get your estate plan together if you do not have children.
You may be surprised to learn that as many as two-thirds of Americans actually do not have a will. Many of us think that distribution of personal property is best left to the courts, but this can be challenging for people without descendants. It may simply seem easier to keep living your life without imagining what will happen after you die, but estate planning has its place!
Wouldn’t you rather see your assets distributed in a way that makes you happy and fulfilled? Experts say that many people without children take their estate planning seriously as a way to contribute to charitable organizations. This way, their personal property can be distributed in a way that benefits their cause, instead of just languishing in government coffers. It can be just as important for single people to seek help with charitable estate planning to make sure it is done right.
You may even be able to choose an option that allows you to see your money make a difference sooner rather than later! Many financial and legal experts are able to help clients develop charitable giving programs that start with smaller donations today and accelerate after they die. Clients have created scholarship programs and charitable giving initiatives that allow them to see the benefits long before they are gone. Why not join their ranks? Not having children does not mean that you should forego an estate plan.
Source: CNBC, “Planning your estate when you’ve got no children or heirs,” Sarah O’Brien, May 31, 2017