Estate Planning Considerations if You Do Not Have Children

When people create an estate plan, the goal is typically to take care of their loved ones once they pass away. This is no less true for people who do not have children. Indeed, for individuals without children a written estate plan is often more important as the default inheritance laws can be complex and often allow very distant relatives to inherit or allow so many relatives to inherit that they each receive very small shares. This can also make the administration of your estate extremely burdensome and costly. As such, it’s important to create an estate plan during your lifetime that allows you to control assets upon death and so your wishes can be respected. Below, our Tampa estate planning lawyer outlines some important considerations when creating your plan.

Consider Other Individuals to Inherit

People often draft their estate plans to ensure that loved ones are taken care of after they pass away. If you have a spouse, you may want to create an estate plan that leaves all of your property to them. Regardless of whether you are married or not, there may still be others you want to leave some assets. Consider if you have nieces, nephews, siblings, or even friends who you want to leave a portion of your estate. Depending on the individual, the intestate laws will not necessarily provide for these individuals, so it is essential that you make your wishes known.

Consider Charitable Donations

Considering charitable causes you want to donate to is a great way to protect your legacy. Perhaps you could not donate during your lifetime but still want to make a real difference. Or, maybe you have supported a charity throughout your life and want to continue that after you are gone. Without an estate plan in place, there is no method for those charities to receive any part of your estate. Draft a will or trust naming the charitable cause of your choice as the beneficiary and know that you are building and supporting your legacy.

Consider Your Personal Representative 

Your personal representative will have many responsibilities after you pass away. They will administer the estate, inventory all of your property, distribute assets to the beneficiaries, and more. People often name a spouse, one of their children, a sibling, or a friend as a personal representative. If a personal representative is not chosen before a person’s death, the court will appoint one. This becomes more challenging if there is not an established familial relationship. Consider who you want to act as your personal representative, making sure it is someone you trust implicitly. Then draft a will outlining your wishes to ensure they are respected.

Our Estate Planning Lawyer in Tampa Can Help with Your Case

At Messina Law Group, P.A., our Tampa estate planning lawyer can help you create a plan that is tailored to your needs, helps you achieve your goals, and ensures your legacy is protected. Call us now at (813) 492-7798 or contact us online to request a consultation and to learn more about how we can help.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html