Many people may think estate planning is not necessary if they don’t have a family to worry about. Others ignore the importance of estate planning because it’s a complicated and stressful process. However, everybody needs an estate plan, no matter whether you have kids or heirs.
Estate planning includes drafting a last will and testament that allows for the distribution of your personal property when you die. Without this written document, Texas law will determine where your property goes. And this may not align with your wishes. Moreover, your estate plan must also include a durable power of attorney that names a person to make decisions for you when you are not able to do so. An experienced estate planning attorney in McKinney, TX can help you get your affairs in order in no time. If you have no children, the following tips will help you get your estate plan ready:
Determine Your Executor
If you want to have your estate plan executed, you must pick a will executor. This person will carry out the provisions of your will, so make sure you pick someone you think can do so. Also, this person must be responsible and willing to serve.
Decide Who Will Represent Your Financial and Medical Interests
You will need someone to represent you in terms of financial and medical matters when you become incapacitated or unable to handle them yourself. Choose a person you trust to follow your wishes and make difficult decisions. A lot of people pick their spouse to serve in these roles; however, if you don’t have one or you live alone, you can identify someone who can advocate on your behalf.
Choose Who Will Inherit your Possessions
First, you must take an inventory of your real and personal property and list down family and friends you would want to inherit things from you. You may also choose other people besides your friends and family.
Consider your Charitable Work
A lot of people who don’t have kids or heirs leave money to the charitable organizations they support. You can choose to set up a charitable trust with funds that will be distributed to your chosen charity over a certain amount of time. And when it comes to donation after death, you must ensure your favorite organization does not have to deal with a big tax bill. That is why you need to plan out with an estate planning expert.