In today’s modern world, the number of childless households is growing. Singles or couples without any children might think that a will is unnecessary. However, this is a false belief. In reality, drafting a will is even more important for childless individuals. This blog post analyzes the reasons why one still needs a will even if they have no children.
Someone or the Government Will Take Over a Decedent’s Assets
Even if one is childless, there is a good chance that they will want someone to inherit the money and property that they accumulated during their lives. This can include but is not limited to a spouse, partner, niece, nephew, sibling, friend, or even a charitable organization. If one dies without a will, one’s money and property will be passed down through a process called intestate succession. Each state has its own intestate succession law to determine how one’s property and money will be distributed in the absence of a will. This will usually go down a long chain of relatives. If no relative can be found, then one’s property and money will go to the government, a process called escheatment.
Even without a child, it may be the case that there are certain relatives, friends, or other cherished companions, who one will want to receive their assets. If one lets their estate be distributed via intestate succession, then their assets can go to a person they did not wish to receive such a benefit. Therefore, it is important to draft a will to dictate who will take over one’s assets after death.
Someone Will Render Medical Decisions for an Incapacitated Individual
Estate planning involves more than just money and property. An important aspect of estate planning is deciding who will make medical decisions when one becomes incapacitated and cannot personally make such decisions. One accomplishes this task by naming a medical power of attorney. In the absence of a medical power of attorney, a court will randomly appoint someone to make medical decisions, which will often be a family member. Therefore, it is important to draft and execute a medical power of attorney to ensure that in the case one becomes incapacitated an individual that one trusts to act in accordance with one’s wishes and best interests is making one’s medical decisions for them.
Parties Might Fight Over a Decedent’s Estate
Finally, another important reason for one to engage in estate planning is to mitigate the risk that people will fight over their estate. In the absence of a will or any other estate planning device, one’s relatives might fight over who takes what of the decedent’s estate. Such a dispute can result in significant legal fees and the deprivations of familial and other significant relationships.
Hiring an Estate Planning Attorney to Assist You
As shown above, there are multiple reasons why one should conduct estate planning even if they are childless. Luckily, the attorneys at Dudley and Smith, P.A., Joseph J. Dudley Jr. and Stephen C. Opheim, can assist you with your estate planning needs. Contact our firm to take a step towards fulfilling your estate planning goals!
In today’s modern world, the number of childless households is growing. Singles or couples without any children might think that a will is unnecessary. However, this is a false belief. In reality, drafting a will is even more important for childless individuals. This blog post analyzes the reasons why one still needs a will even if they have no children.
Someone or the Government Will Take Over a Decedent’s Assets
Even if one is childless, there is a good chance that they will want someone to inherit the money and property that they accumulated during their lives. This can include but is not limited to a spouse, partner, niece, nephew, sibling, friend, or even a charitable organization. If one dies without a will, one’s money and property will be passed down through a process called intestate succession. Each state has its own intestate succession law to determine how one’s property and money will be distributed in the absence of a will. This will usually go down a long chain of relatives. If no relative can be found, then one’s property and money will go to the government, a process called escheatment.
Even without a child, it may be the case that there are certain relatives, friends, or other cherished companions, who one will want to receive their assets. If one lets their estate be distributed via intestate succession, then their assets can go to a person they did not wish to receive such a benefit. Therefore, it is important to draft a will to dictate who will take over one’s assets after death.
Someone Will Render Medical Decisions for an Incapacitated Individual
Estate planning involves more than just money and property. An important aspect of estate planning is deciding who will make medical decisions when one becomes incapacitated and cannot personally make such decisions. One accomplishes this task by naming a medical power of attorney. In the absence of a medical power of attorney, a court will randomly appoint someone to make medical decisions, which will often be a family member. Therefore, it is important to draft and execute a medical power of attorney to ensure that in the case one becomes incapacitated an individual that one trusts to act in accordance with one’s wishes and best interests is making one’s medical decisions for them.
Parties Might Fight Over a Decedent’s Estate
Finally, another important reason for one to engage in estate planning is to mitigate the risk that people will fight over their estate. In the absence of a will or any other estate planning device, one’s relatives might fight over who takes what of the decedent’s estate. Such a dispute can result in significant legal fees and the deprivations of familial and other significant relationships.
Hiring an Estate Planning Attorney to Assist You
As shown above, there are multiple reasons why one should conduct estate planning even if they are childless. Luckily, the attorneys at Dudley and Smith, P.A., Joseph J. Dudley Jr. and Steven C. Opheim, can assist you with your estate planning needs. Contact our firm to take a step towards fulfilling your estate planning goals!
The law is continually evolving and Dudley and Smith, P.A.’s blog posts should not be relied upon as legal advice, nor construed as a form of attorney-client relationship. Postings are for informational purposes and are not solicitations, legal advice, or tax advice. A viewer of Dudley and Smith, P.A.’s blog should not rely upon any information in the blog without seeking legal counsel.