Top 5 Estate Planning Strategies for Those without Children or Heir

When you hear the word estate planning, the only idea that crosses your mind is how your children or spouse will survive when you die. But what happens when you don’t have a child or spouse? Here is the deal; although burdensome, make sure you settle your matters by preparing the necessary documents such as your will. Interestingly, nobody can tell whether they will be alive for the next 40 years, or gone tomorrow. So get up and plan right now!

Think of the following estate planning moves:

Establish a will – The will includes details like how you want your estate handled when you die, what should happen in your funeral, and where your assets should go. Have a list of all account details linking to all your investments or loans. You should do some estate planning in Texas to ensure that, after your death, your wishes are followed.

Your documents should be up-to-date – If you suddenly die without proper estate instructions, it’s your family or friends that will suffer. It will be difficult for them to deal with many lawyers, bankers, and agents to go through the dead’s assets and liabilities.  To ensure your will is up-to-date you have to check it yearly and have it recertified every five years.

Analyze your requirements – The older you get, the more you will need finances to age comfortably. When you are 65 years and above, you may find that you have so many investments you may never need. If you have millions of dollars, it will unlikely run out; hence you should start planning on how to distribute your wealth while alive. You can donate $20,000 to charitable organizations without tax charges. If you are old and have several homes, consider selling some of them to simplify the process of settling the estate.

Seek power of attorney – in case you become dysfunctional before seeking power of attorney, a trusting family member will have your consent to oversee your financial issues and health. Discuss your intentions with the one you trust, then allow him or her to carry-out responsibilities on your behalf. His or her duties will include taking care of your financial interests professionally at all times.

Include a list of all your beneficiaries – Start by identifying organizations such as well-run charities. Once you know the legitimate charities, be sure that your funds will go straight to helping the cause. You must be keen not to fall for charities which their only interest is enriching themselves.  After investigating the sincerity of a charity, you can then plan on dividing the proceeds of your estate.

The process of estate planning is never smooth; that’s why some of us get lazy to start preparing for any eventuality. Put a plan in place, and update your documents for future proof. Always check your will once a year to make any necessary changes. With all these, you will maintain your sanity and peace in the world full of uncertainty. 

Related Posts