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Why an estate plan is still necessary if you have no children

On Behalf of | Mar 9, 2023 | Estate Planning |

Many people in Texas delay or avoid estate planning, but doing so is never a good idea. Some cite similar reasons for not putting an estate plan together, and not having children is a common one. However, there are several key reasons having an estate plan benefits you, regardless of if you have kids.

Kiplinger notes that if you decide not to create an estate plan, you relinquish power over what happens to the legacy you worked your entire life to amass. Here are several other arguments for having an estate plan in place.

It lets you support loved ones or charities

You might have a sister, brother, niece, nephew or dear friend you want to inherit some or all of your estate, and an estate plan gives you a way to make this happen. If you do not have someone you want to name as a beneficiary in your will, you may want to designate a nonprofit to support when you die. You may also use your will and estate plan to allocate funds for a pet’s care after your passing.

It lets you outline your medical preferences

Many people include living wills or other advance health care directives in their estate plans. Different documents let you do different things, but you may use advance health care directives to state if you want to become an organ donor, outline if you want doctors to resuscitate you in certain circumstances and so on.

An estate plan helps ensure your end-of-life wishes and desires come to fruition, and it may, too, make things easier for anyone who has a stake in your estate after your death.