Some individuals face extraordinarily complex estate planning issues involving a large number of potential heirs or a pile of substantial assets distributed in multiple directions. Others need an estate plan to support the financial security of just one or two heirs. However, many people don’t have any children or heirs to whom they can leave even a meager estate. If you fall into that category, you may wonder why you should bother with an estate plan at all. Let’s look at some compelling reasons that you should.

Planning for Your Own Incapacity

An estate plan doesn’t just direct your estate distribution after you die; it also helps you keep your estate on track in the event that you become mentally or physically incapacitated. Whether you have children to look after you or not, you absolutely must draw up a Power of Attorney agreement and name an agent who can reliably represent your wishes and best interests. This agent might be an attorney, a close friend, or even a charitable organization. If you don’t take this necessary step, then a court might have no alternative but to hand your fate over to your next of kin, no matter how distant (or hostile, or unqualified) that person might be.

Planning for Your Pets

Even if you’ve never reproduced or adopted, you may still have “children ” in the form of pets. If you care about these non-human family members, you need to make sure that they will continue to receive adequate care and affection after you can no longer provide it personally. An estate plan allows you to designate someone you know and trust to take care of your pets for you. You can even set up a trust to provide funds for future food, veterinary care, and other pet necessities.

Planning for Charitable Interests

You may have some strong feelings about where your assets will go after you die. In lieu of a will or other related estate plan instruments, your estate will likely go straight to probate, with the probate court simply disbursing the assets however it sees fit. Instead, use your estate plan to leave various assets to your favorite charity, school, church, or other organization close to your heart.

If you need expert help from seasoned estate planning experts, turn to the legal team at Dana Law Group. We can advise you on what estate planning tools you need to assemble, how to select a Power of Attorney agent, how to prepare and fund a trust, and other key aspects of estate plan preparation. Contact us today.

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