It is obvious why estate planning is essential for people with children. For example, in a will, parents can name a guardian should something happen to both of them while their kids are still minors. Those who do not have any dependents, on the other hand, may not feel the need to create a comprehensive estate plan. At the end of the day, though, everyone can benefit from preparing for the worst while hoping for the best.

Essential Documents Everyone Should Create

Estate planning allows individuals to do so much more than protect their children in the event of a tragedy. For example, a will allows you to bequeath personal possessions to friends, loved ones, and charities, while a durable power of attorney allows someone you trust to manage your finances should you ever become incapacitated. An advance health care directive is another essential estate planning document, regardless if you are a parent. In this plan, you can include any wishes, preferences, and requests regarding end-of-life care.

Individuals to Keep in Mind When Getting Started

Most people leave the majority of their assets to their spouse or children. If you do not have kids, it’s important to come up with a list of individuals whom you would like to designate as beneficiaries. This might include siblings, nieces and nephews, close friends, compassionate caregivers, or any favorite charities. In addition to choosing beneficiaries for any assets you have acquired, you will also need to pick an executor, who will guide the estate through probate, and agents for any powers of attorney that you create.

If you need to create a will or trust, turn to Ng & Niebling in Honolulu. This firm has been serving clients throughout Hawaii for more than four decades. Whether you want to establish a power of attorney or claim an inheritance, they can help you navigate the legal proceedings. Visit their website to learn more about their experience in estate planning or call (808) 732-7788 to schedule an initial consultation today.