You may not want to think about estate planning yet but it is important to think about. It takes time to delegate how you want to settle your estate. Most people assume that they are going to pass all of their belongings to their children but what if they don’t have any (or their children don’t want it)? Where do you even start?
Here are some tips to planning your estate when you don’t have any children.
- Don’t worry about hurting people’s feelings. If you don’t make a will, someone else will decide how your estate gets divided. Your family might not end up getting any of it. Do you really want to let someone else make the call?
- Make a will and divide up your assets the way that you want. It is your choice and only your choice. Do what you feel is right.
- Make gifts and charitable donations as you see fit. You can donate money to friends and family without getting taxed. You can help others with college the same way. You can also donate money to charities.
- Choose advocates that you trust. You want people who will follow your wishes, even if they don’t agree with your choices. You will want to choose people who are younger than you so that they will be there to make decisions for you as you age.
It can be difficult to plan your estate when you don’t have children. You will have to think carefully about who you want to pass your money and belongings to. Don’t worry about hurting anyone’s feelings. That should not stop you from making a will. You don’t want someone else making the choice do you? You should also think about gifting some of your money and making some charitable donations. Also, you will need to think carefully about who you want to help take care of you as you get older. Pick someone that you trust. You need someone who will follow your wishes, even if they don’t agree.
Contact us for more tips on estate planning.