No Kids? You Still Need an Estate Plan

For people without children, a will is important for ensuring your wishes are fulfilled. As the adage goes, you can’t take it with you. Whether you want to spend your last dime or leave it all behind when you go, creating a comprehensive plan for your estate begins earlier than you might think. If you don’t have children or obvious heirs, documenting your wishes and making them accessible will help ensure those wishes are fulfilled should something happen to you. “If today were your last day on earth, who would get your stuff?” says Jean-Luc Bourdon, a certified public accountant in Santa Barbara, California, and a member of American Institute of Certified Public Accountants’ personal financial planning executive committee. It’s a question he poses to all of his clients, especially those without kids . While parents may think their children are the answer, Bourdon says people without children need to plan more carefully. “When it comes to what you’ll leave behind, there are only three buckets: Uncle Sam, charity or individuals,” he says. “Generally speaking, Uncle Sam is the least appealing.” Many people with children create a will to ensure their children are cared for, and in the absence of a will, next of kin are the obvious heirs. But for people without children, a will can be just as important, and it can easily be overlooked. “It’s important to check all the estate planning documents,” Bourdon says. “Having a family creates more of an urgency in making sure […]