Why you still need an estate plan if you do not have children

On Behalf of | Jan 25, 2023 | Estate Planning and Administration |

It is not uncommon for North Carolina residents to neglect making estate plans because they do not have children and therefore feel as if it would be unnecessary. However, there are many important reasons why it benefits you to have an estate plan, and some of them have nothing to do with having kids.

According to Kiplinger, while everyone’s needs and wants differ when it comes to estate planning, there are certain reasons it pays for every adult to have an estate plan. The following are some of the reasons it pays to have an estate plan in place – regardless of it you have children or plan to have children.

You want to donate to charity

Without an estate plan, it becomes up to the state to figure out what to do with your legacy when you pass. Having an estate plan lets you decide where you want your money to go. If you have a charity or nonprofit you support, for example, you may want some or all of your money to end up there. An estate plan lets you accomplish this. Similarly, if you have a beloved pet, you may use your estate plan to leave money behind for his or her care.

You need to plan for incapacity

Many people also include advance health care directives in their plans. These directives help outline your medical wishes in the event that something happens to you and you become unable to express them yourself.

You have a right to decide where your assets end up, and you also have the right to dictate what you want to happen to you medically. An estate plan helps preserve these rights while making your wishes known to others.