Planning Your Will Without Children? Follow These Tips
Advice from Your Estate Planning Attorney in Shreveport, Louisiana
Everybody hears about the importance of a will and trust. For childless couples, though, it may be a more confusing conversation to have. Do not be fooled into thinking that a will is unimportant or unnecessary just because you do not have biological heirs. Figuring out the details of your legacy is still vitally important for a simplified and fair division of your property after you have passed.
Luckily for you, in some cases, the process can be more straightforward without children. The decisions are still difficult ones to make, but without the complexities that can arise from direct heirs, drafting your will may be a shorter process.
David L. White provides estate planning services for families of all shapes and sizes! Whether it is a couple or a man, wife, children, step-children, and grandchildren, we can find a way to make your will as efficient and comprehensive as possible. The document needs to be legally sound and tailored to the needs of your family, and our firm has the knowledge, expertise, and dedication to help you achieve this.
Here are the two most important considerations for childless couples when determining the details of their will and trust:
- What happens to your property after you die?
If one spouse passes, the other stands to inherit the property. Once the other passes, their family will inherit what remains. If there are no remaining family members, the property will go to the state. This means that the family of the spouse who dies first will be left with nothing. Leaving this up to random chance may be preferable for some couples, but others will enjoy peace of mind knowing their estate will be equitably distributed. If you want both sides of the family to inherit, or would like some or all of your estate to be passed onto a charitable organization, a plan is necessary. A simple approach? Draw up wills that leave everything to each other, and also outline who will be given what once you both have passed on. Another way to do it is to set up a joint irrevocable living trust, either during life or after death, which outlines how assets are to be divided. This second option can help your loved ones avoid a long, expensive period of probate after death. - Who will take care of your medical or financial affairs if you become debilitated?
End-of-life decisions are not fun to think about, but they are necessary to address should the unthinkable come to pass. General powers-of-attorney should be decided and signed, including health-care documents that enable someone else to make financial and medical decisions on your behalf in the event that you are unable to do so. This person will be able to deal with insurance companies, investments, and important healthcare decisions. Often, people without children find it difficult to find the right person whom they trust. You can name each other, but a backup plan is always advisable. Preferably, choose someone younger who can be involved with your spouse or in place of your spouse if they are unable to make sound decisions at the time. Consider nieces, nephews, friends, clergy members, siblings or cousins, or even some geriatric care managers.
Visit an Experienced Estate Planning Attorney in Shreveport, Louisiana
Hire David L. White to provide expertise and guidance when drafting the terms of your will. We offer personalized legal services that are suited to your unique needs. From asking the tough questions to ensuring each request is made legally binding, our team is here to provide thorough, ongoing and experienced planning advice and support.
Contact your estate planning attorney in Shreveport, Louisiana to find out more about how you can prepare for the future. Call us today at 318-747-7023
