Why estate planning is important for people without children

Why estate planning is important for people without children

| Oct 27, 2017 | Estate Planning |

Some Ohio couples are choosing not to have children and are instead focused on their careers. While people might think that estate planning is only important for people who want to pass their properties on to successive generations, it is also very important for those who do not have children as well.

Dual-income couples who do not have children may want to have good estate plans in place in order to pass their assets on to friends or extended family members of their choosing. If they do not, the courts will distribute their assets according to the provisions of state intestacy law, and a significant portion may go to the Internal Revenue Service in taxes.

People who do not have children may use their estate plans to make charitable contributions and to benefit their pets, friends and others. They may also designate people who can make important medical decisions for them if they become incapacitated. Having these plans in place may ensure that the people’s wishes will be followed and that their assets will go to the parties that they intend to benefit.

When people die without wills or trusts, the distribution of assets will proceed according to Ohio’s intestacy laws. If the estates are very large, a substantial percentage may also go to the government. People might want to talk to estate planning lawyers about their plans regardless of their ages. It is possible for anyone to become incapacitated. Having plans in place can make it easier for their loved ones to handle their affairs for them. After an estate plan is written, it may be important for people to review their documents with their lawyers regularly so that they can be modified as their lives and families change over time.