Estate planning gives you control over what happens to your assets when you pass on. If you have children, you’ll likely designate them as your beneficiaries, allowing them to receive property, savings, and other valuables. If you don’t have children or any other logical heirs, however, you may be uncertain about what to do with your assets. Unfortunately, some people decide to forego writing a will altogether in this situation. You have several meaningful options, however.

Who Should Your Heirs Be if You Don’t Have Kids?

1. Pick Another Person

You don't have to leave your assets to a spouse or relative. Your beneficiary doesn't even have to be related to you. For example, you can select an unmarried partner, friend, or caretaker. 

The one exception is that you can’t designate a minor child as a beneficiary. Instead, you would have to specify a custodian to manage money on the child’s behalf until they turn 18.

2. Select a Charitable Cause

If you don't have any close relations to leave your assets to, you might consider designating one or more charities. Is there a cause you’re particularly passionate about? You can convert your assets into a charitable gift through your estate planning and rest easy knowing you are doing good with your money.

Another benefit of going this route is that you can start immediately. For example, if you start a scholarship fund, there’s no need to wait until you’ve passed on to initiate it.

3. Designate Your Estate as the Beneficiary

Not having a beneficiary is especially tricky when it comes to assets like retirement and savings accounts. If you don’t have a person you can pass these accounts onto upon death, you can instead designate your own estate as the beneficiary. Any payout is rolled into the estate’s total assets. The estate then goes through probate, and cash assets are distributed as directed by the will.

For help with your estate planning, trust J.P. Coleman Law, LLC, Attorneys at Law, of Robertsdale, AL. This law firm was established in 2012 and is dedicated to serving the local community with knowledgeable, top-quality legal advice. Their attorneys will walk you through the wisest choices for your will and testament with compassionate advice. Visit their website to learn more about their estate planning services. To request a consultation, call (251) 947-6247.