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Should people without children make estate plans?

On Behalf of | Mar 29, 2023 | Estate Planning

People frequently create a will so they can leave an inheritance for their children. However, you might have no family of your own. Even so, there are sound reasons to create an estate plan.

Not having children or a spouse does not mean that no one can benefit from your estate. Creating your own estate plan also allows you to avoid intestate succession that could pass your assets to undesired parties. Per Kiplinger, here is a look at different parties you could provide for after your death.

Your parents and other relatives

Children usually outlive their parents, but given that people can live into their 90s, it is not impossible that you will die before one or both of your parents do. You might also have extended family members who could inherit from you.

You should also designate someone to be a successor beneficiary in the event your parents predecease you. Younger family members such as nieces, nephews or cousins might serve as possible successors.

Your pet

If you have concerns about what will happen to your pet, estate planning may put your mind at ease. You can use your will to name someone to take care of your pet and provide money for your pet caretaker. Creating and funding a pet trust is another option.

A charity

You do not have to only leave wealth to family or friends. You could benefit one or more of your preferred charities. Options include leaving money or property to a charity through a will or a charitable trust.

Starting an estate plan now can help you get used to the process. If you should marry and have children later on, you can add to the estate plans you have created.