Why You Still Need an Estate Plan, Even if You Do Not Have Children

 Posted on November 25,2020 in Estate Planning Blog

Those with children often create an estate plan because there is this sense of responsibility—a need to ensure their children are cared for in the event of a premature death. In contrast, individuals that do not have children tend to overlook the importance of an estate plan, either because they assume they have time and do not feel the same sense of responsibility, or because they simply do not believe that one is necessary. Whatever the reason behind it, failing to create an estate plan can have devastating results.

Where Will Your Assets Go?

When you are married or have children, it is fairly easy to determine where your assets will go. If you fail to create a will and have children or a spouse, they are typically the default heirs for anything you have left behind, even if the matter has to be resolved in probate court. But, where do those assets go if you have no heirs? If you have not named a charity or individual to receive your assets, most often, your hard-earned money will end up going to the government.

Who Will Make Medical Decisions for You?

Imagine a car accident, a sudden illness—any kind of situation that could possibly leave you in a coma or unable to make your own medical decisions. Who will decide what type of treatment you should receive? Who will determine if your quality of life has diminished too greatly for you to continue living on machines? Again, when you have a spouse or children, the responsibility of this decision typically rests with family.

Without health care directives, long-term health care instructions, or information regarding your willingness to donate organs, physicians are required to abide by the typical standard of care. You may be kept on life-saving machines well past what you would consider an acceptable quality of life. Soaring costs of long-term health care can deplete your assets substantially. The possibilities of where things could go wrong are endless, but they are largely preventable with the help of an estate plan.

Schedule Your Estate Plan Consultation Today

Developing an estate plan can be as simple or as complex as you like. However, it should always be done with a qualified professional to ensure your objectives are efficiently and clearly outlined, and fall within all the necessary guidelines. At A. Traub & Associates, we are here to help. To get started, call 630-426-0196 for a confidential consultation with a Lombard estate planning attorney today.

Sources:

https://www.kiplinger.com/article/retirement/t021-c032-s014-no-children-why-you-still-need-an-estate-plan.html

https://www.cnbc.com/2017/05/31/estate-planning-when-youve-got-no-children-or-heirs.html