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Why estate planning is still important if you do not have kids

On Behalf of | Dec 19, 2022 | Estate planning |

When you die without a Texas estate plan, you relinquish control over what happens to your legacy after your death. Many people forgo making estate plans for various reasons, and some neglect to do so because they do not have kids and therefore do not feel as if it is necessary. However, having an estate plan offers many important benefits, regardless of whether you have any children.

Kiplinger notes that while some feel as if the task of creating an estate plan is overwhelming, it does not have to be this way. Your plan does not have to be complex or extensive to help ensure your wishes for the future come to fruition. Even if you never plan on having children, having an estate plan helps you do the following.

Plan for incapacitation

Many people include advance medical directives in their estate plans. There are different types of medical directives, but most give you a chance to dictate your wishes when it comes to your own medical care in the event that you suffer incapacitation and become unable to express them yourself.

Leave assets to other parties or entities

Without children, you may want a brother, sister or close friend to inherit some or all of your legacy. You may also wish to leave some or all of your legacy to a favorite charitable organization, among other options.

Make plans for your pet

You may also decide to include a pet trust or instructions and funding for your pet’s future care in your estate plan.

Without an estate plan, state laws determine what happens to the legacy you worked hard to build.