One purpose of an estate plan is to ensure our assets are distributed to our loved ones according to our wishes after we pass away. Many times, this includes children, since they are typically expected to outlive their parents.
If you do not have children, you may wonder if you need an estate plan. Even if you are married, you and your spouse might believe an estate plan is unnecessary if you do not plan to have children.
However, estate planning is just as important for Ohio individuals or couples without children. An estate plan involves more than simply passing down assets. There are many options for passing down assets if you do not have children.
Components of an Ohio estate plan
Most estate plans include a will. When drafting a will, you must choose who will receive your assets. Aside from children, this could be other family members or a charitable organization. Leaving your assets to a charitable organization that reflects your passions is a great way to leave a legacy.
An estate plan can also include a medical or financial power of attorney. This involves appointing someone to make medical or financial decisions for you if you become incapacitated or unable to make them for yourself.
When you do not have children, a spouse may be a natural choice. But if neither you nor your spouse can make decisions, consider someone who you trust with making these important choices. This does not need to be someone you know on a personal level.
You can choose someone you maintain a trusted professional relationship with, but it generally cannot be your doctor.
Choosing an executor
These same guidelines should be followed when choosing an executor for your estate. An executor does not need to be a family member. It can be anyone you choose. You may even choose to appoint a professional executor if you worry that you will not have anyone.
It is never too early to start estate planning. No matter what your life situation, an estate plan gives you peace of mind knowing your assets will be distributed the way you would have wanted after you pass away.