If you don’t have children, you might think that there’s no need to create an estate plan. However, while you may not have offspring, you still likely have assets that will need to be processed when you pass away. By working with an attorney to create a will and trust, you can make sure your property is handled according to your wishes and not left for others to decide. To help you navigate this process, keep in mind the following tips as you explore your options.

How to Handle Estate Planning When You Don’t Have Kids

1. Identify Executor & Trustee

The person who carries out the terms of your will is known as an executor, while the person that manages your trust is known as a trustee.

Since there may not be other relatives overseeing the situation, select a friend or colleague that is responsible enough to handle your financial and estate matters. You can also pay an attorney or financial advisor to serve as your executor or trustee.  

2. Decide on a Power of Attorney

If you are incapacitated due to a severe injury or illness, your Power of Attorney will be the person that makes important decisions about your care, finances, and other legal matters. Choose a person with a similar mindset or moral compass — such as a sibling, cousin, or life-long friend you always agree with.

3. Review Assets & Beneficiaries

Regularly review your assets to make sure their values and other details are correct.  Also, verify that all listed beneficiaries meet your current wishes.

It’s especially important to update estate information when you experience major life events that may change where you want your assets to go — such as the death of a spouse or the birth of a nephew. If you don’t have good options, consider passing on your belongings to charity.

4. Protect Pets With a Trust

While kids may not be in the picture, you might still wonder what will happen to your cat or dog. Although animals can’t be treated as individual beneficiaries, you can assign a responsible party to continue their care after your death. Typically, you should have enough money set aside to realistically provide for the pet’s needs, which may include food, veterinary care, and housing.

There may be several steps to estate planning, but the process doesn’t have to be overwhelming. Providing estate law services in Kerrville, TX, Corey C. Davis, CPA will introduce you to top solutions that work best for your needs. Making your best wishes a priority, this attorney is available to answer any questions you may have about the process and will make updates to the plan as your life changes. Visit the firm online to learn more about these services or call (830) 257-8800 to schedule your convenient consultation.