It’s a common misconception that estate planning is only important for people with adult or minor children.
While parents do look to estate planning lawyers to name legal guardians who can raise minor kids if something happens to mom or dad and protect an inheritance that will someday be left behind, estate planning is equally, if not more important, for those without children.
Think about it: when the assumption of “oh, my kids will handle everything” is removed from the table, it becomes clear that legal documentation must be put in place to protect the wishes of those whose beneficiaries are not so apparent.
Decisions need to be made such as who will be the executor of the estate? Who will make medical and financial decisions if the individual is incapacitated and unable to speak for themselves? Who will get the inheritance?
When there are no biological or adopted children to factor in, the answer to these questions are not so clear. In some cases, an individual without children may still want to pass their wealth to extended family members. This may include brothers, sisters, nieces, nephews, cousins and even close friends.
Others may seek to leave a sizable portion of their wealth to charitable causes after their passing. Estate planning lawyers often refer to this as “legacy planning.” Either way, it’s clear that there’s more incentive to make one’s wishes legally binding and known through estate planning when no passive option exists to just “leave it to the kids.”
So, if you are beginning the process of planning your estate and have never thought about these issues before, we encourage you to sit down with an experienced Florida estate planning lawyer who can help walk you through all of your options. If you’d like to meet with our Tampa-area estate planning attorneys, simply call our Brandon office at (813) 438-8503 to schedule an appointment.