Whether you’re loving your single life, or happily married and just don’t have children, there are numerous reasons as to why you still need an estate plan. Below are just a few of the most important:
If you’re ever in a situation where you can no longer make decisions on your own, you need to have assign the proper power of attorney to someone you trust that can manage all your financial and legal affairs while you’re not able. You might automatically assume this power falls to your spouse in a situation like this, if you’re married, but in reality without the proper documentation you’re more likely to end up with a stranger in charge.
Create A Trust & Choose A Trustee For Your Assets
If you own a home, vehicle, or even just a killer collection of DVDs, you can’t take any of it with you when you go, ergo, you need to create a trust to determine how your assets will be dispersed and to whom, as well as choose a trustee who will ensure your wishes are carried out according to your exact specifications. You may decide to leave all of your to one single beneficiary of your choosing, such as a favorite cousin or best friend, or even leave everything to a charity of your choosing – communicating with them beforehand regarding how the funds should be appropriated upon receipt.
Plan For Your Pets
If you have one or more furry loved ones hanging off the branches of your family tree, you might consider them equal to any other relative in your life. However, if you want to ensure they’re able to lead healthy, happy lives long after you’re gone you have to actually plan for it. Thankfully, you can establish a “godparent” of sorts for your pets, and even set up a pet trust to ensure whoever you choose to care for your fur babies has the proper means to do so in a way that honors you. From allowing you to choose which vets they visit, to what brand of food they eat, estate planning can give you the peace of mind you need to know your beloved animals will be cared for the way you deem suitable, even if you’re not around.
For more information on why you still need an estate plan even if you don’t have children, or to start planning for what will happen to all of your possessions after your death, we encourage you to reach out to our sympathetic estate planning attorneys at Harris Law today. Call 231.347.4444 or fill out the free consultation form in the sidebar to schedule your free personal consultation.