Many people underestimate their need for a good estate plan or even a basic will. If you are married but don't have children, you may think the same thing. After all, if you pass away, your spouse will inherit your money and possessions, right? What will happen if both of you pass away? It's worthwhile to put careful consideration into a plan for the future.
It's not always easy to make estate planning decisions. These are choices that often pertain to what will happen after you pass away, which you may find unpleasant or foreboding. Even if you do not consider yourself wealthy or you believe that your estate is not that extensive, you will find many benefits to crafting a plan that will allow you to maintain control over what happens. This is a prudent step for all North Dakota couples, even those without children.
Why should you have a plan?
Having a will and other estate planning documents is not something reserved only for the rich and famous. There are certain practical benefits to this step, and you will also find that you have peace of mind about the future. Some of the reasons why you may want move forward with this process include:
- A will can protect your interests in case of your death or in case both you and your spouse pass away. You can specify what you want to happen to your stuff, but you can also plan for the care of a pet and ensure that you get to decide who gets what.
- A power of attorney can allow you have a say over what type of health care you may want in case you cannot speak for yourself. You can also name a person to manage your finances and do other things if incapacitated.
- You can make sure that you are able to leave money to certain charities and nonprofits as you intended. Through your will, you can clearly spell out what you want and avoid the possibility of confusion and disagreements over the estate.
These are only a few of the reasons why childless couples will benefit from having a thoughtful estate plan in place. No two situations are the same, and no two estate plans will be the same either. This is why it is beneficial to work with an experienced attorney who can evaluate your situation and determine what you need in your plan for protection and security.