Estate Planning Tips If You Do Not Have Children
When people do not have children, whether they are married or not, they often regularly face certain questions, such as who will care for them when they are older. Although these questions are sometimes viewed as invasive or inappropriate, they do draw attention to a concern for your future, legacy, and how your estate will be managed after you pass away. Although raising children does not provide any guarantee that you will have protection if a future crisis arises, familial relationships are easier for others to recognize.
Without certain estate planning documents, such as a will, the state of Florida may ultimately become your beneficiary. For the vast majority of people, this is not a desirable outcome. If you do not have children, it is critical that you make decisions now about who will inherit your estate if you pass away.
Determine the Legacy You Want to Leave
It is important for all adults to consider the legacy they want to leave and create the legal tools that will help them do it. This becomes even more important if you do not have children, and all the more critical if you do not have a spouse or other family members who could inherit your estate. Consider what matters to you in life, including any charities you may donate to. A Daytona Beach estate planning lawyer can help you identify your goals and advise on the legal resources you can use to leave them your estate, such as a charitable trust.
Consider Non-Relatives
There is no law that states you can only leave your estate to relatives. Consider any friends or neighbors that you view as your own children when creating your estate plan. Without proper estate planning, these individuals will not receive anything from your estate upon your passing. Now is the time to draft an estate plan that will ensure these individuals are cared for and that they receive the property you want to leave them.
Choose Your Personal Representative Carefully
It is not uncommon for people to choose a personal representative, sometimes called an executor, who is their spouse or child. Your personal representative must be someone that you trust implicitly, as they will administer your estate along with the probate court. It is also important to ensure that you choose someone who is eligible under Florida law. Personal representatives must be over the age of 18 years old and they must be a Florida resident. If your personal representative is not a resident of Florida, they must be a relative of yours.
Our Estate Planning Lawyer in Daytona Beach Can Help with Your Plan
Those who do not have children sometimes have more factors to consider when creating their estate plan than those who do. At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can advise on the legal tools available, help you determine which ones are right for you, and execute them properly so your legacy is protected. Call us today at 386-252-5170 or contact us online to schedule a consultation with an attorney on our legal team.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
