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Estate planning is an important process in which a person ensures their assets are managed and distributed appropriately upon their passing. While leaving an inheritance to a spouse or children is a common option, for individuals without these family members, determining a beneficiary may require a bit more thought. As you navigate these decisions, here are some alternate beneficiary options to consider.

3 Beneficiaries to Consider if You Have No Spouse or Children

1. Other Family Members

If you have any siblings with whom you have a good relationship, they could be your first option to name as beneficiaries. Depending on how close you are with your siblings, you may also want to incorporate them into other aspects of your estate planning process.

For instance, you can name them the executor, or someone who handles the deceased’s remaining financial obligations. You can also assign them as your healthcare proxy to make medical decisions, such as remaining on life support, are made on your behalf. If you don’t have any siblings, you might consider any close cousins or other relatives.

2. Close & Best Friends

estate planningThroughout life, many individuals establish bonds with close friends comparable to the relationships shared between family members. If you have one or more close friends, they could be suitable beneficiaries. You can also name a friend as the executor of your will. Of course, relationships can change over the years, so you can always add or remove a friend from your will, if needed.  

3. Preferred Charity Donations

One popular estate planning technique utilized by people with no obvious heirs is making a charitable donation. In this situation, you could transfer your assets to a cause of your choice, such as college scholarships for future students or your local church, upon your passing. You name the organization of your choice as your beneficiary, and then select a personal representative, such as an attorney, to ensure your assets are distributed properly.

 

No matter which specific estate planning considerations you’re facing, Smith & Tabor Attorneys at Law can assist you with every step of the process. Serving Stephens, Habersham, Franklin, Rabun, and Hall counties, GA, this practice has been in business since 1985 and specializes in helping their clients make the best financial decisions for their future. Learn more about their services online or call (706) 886-5141 to schedule an appointment today.

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