There’s a common misconception that estate planning is only for people with children, so those without heirs don’t need to write a will. However, you still need to dictate what will happen to your assets after you pass. Here are a few reasons everyone should talk to an attorney about estate planning, regardless of whether or not they have immediate heirs.
Why People Without Children Need to Prepare a Will
What Happens If You Pass Without a Will?
Even if you’ve told your friends and family how you want your belongings distributed after you’re gone, they may not have the legal authority to do so. If you pass without a will, your belongings will be divided according to your state’s intestate laws and distributed to your living family members. These statutes don’t take into account the relationships you fostered in life, so your possessions may go to distant relatives you barely know.
This arbitrary division of your property can cause deep rifts among family members, even if you don’t have significant wealth. Effective estate planning ensures that the items you value most go to those you select, preventing disagreements.
What Do I Do With My Estate?
People without children often experience difficulty deciding who should receive their assets. You can divide your belongings among your immediate relatives, or those with whom you have the strongest relationship. For many young people, friendships are the most important bonds in life, so you may pick them as your beneficiaries. Alternatively, you may opt to bequeath assets to a nonprofit organization that’s dedicated to a cause you support.
If you want to start getting your affairs in order, contact the team at Ng & Niebling in Honolulu, HI. This legal firm has provided estate planning services to clients across Oahu for over 40 years. Their experienced attorneys have a comprehensive knowledge of the local legal system, and they’ll make sure your final wishes are documented and respected. To get more information about their services, call (808) 732-7788.