Planning for the future is important, even if you do not have children. While you may first associate estate planning with passing on assets to your kids, there are other reasons to consider creating a plan.
An estate plan can provide peace of mind and clarity for you in many ways.
Other loved ones
Even without children, you may have family members, friends or other loved ones whom you want to provide for after you die. Without a clear plan in place, the legal system may end up distributing your assets.
However, the choices they make might not align with your wishes and desires. By creating an estate plan, you can specify who receives your belongings and what each person gets.
Charitable causes
If you are passionate about certain charitable organizations or causes, an estate plan allows you to leave a lasting impact by giving your assets to them. This includes supporting education, healthcare, religion, environmental conservation or any other cause close to your heart.
Healthcare choices
An estate plan enables you to outline your preferences for healthcare decisions and end-of-life care. This includes appointing a trusted individual to make medical decisions on your behalf if you become incapacitated. By expressing your wishes in advance, you relieve your loved ones of the burden of making difficult decisions during a stressful time.
While the decision to create an estate plan may seem daunting, it is a big step in securing your legacy. By taking the time to plan for the future now, you can rely on this document later on.