Many California residents neglect to create estate plans, citing similar reasons for failing to do so. Some say they do not create estate plans because they feel they do not have enough assets to warrant one. Others neglect to put plans in place because they do not have children and therefore feel as if an estate plan is unnecessary.
However, Kiplinger notes that estate planning offers notable benefits, regardless of whether you have children of your own. Here are some of the reasons why you should think about making an estate plan even if you do not have kids.
It lets you give to charity
If you do not have children you wish to make beneficiaries when you die, maybe you have a cause near and dear to your heart that you would like to support. If you want to leave some or all of your legacy to one or more charities, you may do so through an estate plan.
It lets you plan for incapacitation
You may also wish to include advance health care directives or medical powers of attorney in your plan. These documents help ensure that your doctors and loved ones know your wishes if you become unable to express them due to injury or illness.
It lets you make plans for pets
You may also use an estate plan to dictate what you want to happen to your pet or pets when you die. You may decide to leave money to a friend you want to care for the pet, or you may decide to set up a trust with money you want to go toward your pet’s care.
Without an estate plan, you leave these and other important considerations up to chance.