No Kids? Get an Estate Plan!
A recent US News article recently reiterated one of our GQ Law mottos- Everyone Needs an Estate Plan! This particular article targets those who do NOT have children. Often times, people get an Estate Plan to protect their minor children, make sure their kids get their assets after they die, etc. Having children creates an urgency about Estate Planning. So, what about those without kids? Do they still need an estate plan? YES!
Heirs or not, you cannot take your assets with you and if you have an opinion about who gets your stuff, you need to have an Estate Plan. US News quotes Jean-Luc Bourdon, a certified public accountant in Santa Barbara, California, “When it comes to what you’ll leave behind, there are only three buckets: Uncle Sam, charity or individuals.” Since most of us don’t really want Uncle Sam getting all of our hard earned assets when we kick the bucket, we’ve got to set up a proper Estate Plan to make sure as much of our assets as possible go to charities or individuals of our choice.
Many people with children create a will to make sure their kids are cared for but a Will can be just as important for people who don’t have children. Whether you want to leave money to a charity, your pets or other loved ones, a Will is the key. Bourdon emphasizes that establishing a will early is a good idea, in your 30s or 40s. He also reiterates that writing a will is not enough.
For most people, a complete estate plan covers a lot more than just a simple Will. One important thing to consider is a healthcare directive. What would happen if you were to get in an accident that leaves you unable to communicate your own healthcare wishes. Who will make decisions about your medical treatment? Beyond that, considering HIPA privacy policies, who can get information about your health care situation?
GQ Law can teach you about the various documents available to protect your assets, your health and your life. Call us today to come in for a free consultation to get your estate plan going, kids or not! 858-549-8600
