07 Jan Estate Planning For Childless Couples
Take a look at this essential information.
It is crucial that you and your spouse have an estate plan even if you have no children. You need an estate plan to plan for the future. Estate planning for childless couples is necessary. Talk to an estate planning attorney to assist you in creating an estate plan for you and your spouse.
Consider these points when it comes to creating your estate plan:
- Planning for longevity is necessary. When you don’t have children, you need to be thinking about longevity. You and your spouse may be worried about what is going to happen if you outlive your money. As you get older, you need to think about the costs that are associated with things like long-term care.
- Make sure that you have a will.
- You and your spouse have to decide who your assets are going to go to after you pass away. This is an important decision to make. Will you leave your assets to another family member or to a friend? You can even leave your assets to a niece or nephew. Do you want to leave your assets to a charity? You can set up a trust to ensure that your assets are left to the charity of your choice.
- Decide which individual is going to be making decisions on your behalf if you are unable to do so. Who will make medical and financial decisions for you if you become incapacitated? It is advised that you don’t choose your spouse to act in this capacity. He may not be around to act in this capacity.
- Consider who is going to look after your pets when you and your spouse are no longer around. You can choose someone to be responsible for your pets and look after them. Make sure to name this person in your will.
Even though you and your spouse don’t have children, you cannot neglect the importance of estate planning. Estate planning for childless couples is vital. Having an estate plan is going to give you peace of mind for the future.
DR MERVIN MESSIAS
JD (Juris Doctor) / BA, LLB (Wits) / TEP (Trust & Estate Practitioner) / MTP (Master Tax Practitioner – S.A)