Estate planning is important for everyone, but when you start to do your research, it seems like many resources assume you’re married with children.
Many people lead their lives differently, thus different approaches are in order.
For example, find out how you might plan for the future if you’re single, have no heirs, or have a blended family.
If You Are Single
Estate planning helps you protect yourself as you grow older. Selecting someone as your healthcare proxy and someone to hold power of attorney ensures that people you trust will be able to make decisions on your behalf if you cannot. Single people might choose a sibling, close friend, niece or nephew to take on these roles.
If You Have No Heirs
While their children and spouse are the clear choice for some people, many others do not have apparent heirs for the division of assets. In this situation, one option is to leave your assets to charitable organizations that align with your values and interests.
If You Have a Blended Family
Merging families can be a beautiful but complex process. If your marriage entails welcoming stepchildren into your life, you’ll have some estate planning decisions to make. For example, do your estate planning documents need to be updated? How would you like to include your stepchildren in your plans for the future?
If You Want to Plan for Your Pet’s Future
Pets are beloved family members, and it’s common for people to consider a pet’s future. If an animal companion may outlive you and you want to ensure they’re taken care of, you can establish a pet trust with funds and a designated caregiver.
Regardless of your situation, estate planning is an in-depth process that takes time. Get in touch if you have any questions or if you’d like some assistance.