Only Two of You? Estate Planning Tips For Childless Couples. 

 Posted on December 01, 2022 in Estate Planning

What if you don't have children yet, is estate planning still necessary for you and your spouse? Frankly, death or a terminal sickness can come knocking anytime even before you both decide to have children. So, you ask yourself, "is estate planning ideal for childless and infertile couples?" The answer is yes. 

Estate planning is not only for couples with children. In fact, many estate planning documents do not contain children as beneficiaries alone. Other like pets, extended family members, and even distant relatives as beneficiaries are also included. 

Although, estate is commonly distributed among heir–children.

Planning your estate is a crucial part of your life and how you want the situation of your assets to be like when you're gone. 

Also, you don't know or see what happens to your estate when you already close your eyes, lifeless, and buried six feet below. But with an estate plan, even if you don't have offspring to will your properties to, you can rest easy knowing the situation of your estate is safe and well distributed.

Do Childless Couples Need a Will?

Estate planning is more than legally passing your estate down to your children. It's a complex process that involves several well-planned out documents that makes up a reasonable estate plan. 

But what if you and your spouse have no children? This is a more obvious reason why you need a will, an important estate planning document in your estate plan. 

Other family members, pets, and even servants may be beneficiaries of your estate plan. It doesn't necessarily have to be your spouse. In reality, death can come knocking on both of you at the same time— you both may die in…let's say a road accident or plane crash. 

Additionally, an immediate family member like your one sibling can act as your financial power of attorney, a trustee, or medical power of attorney. 

So, as soon as you get married and begin to acquire assets, your estate plan should be prepared and regularly updated. It is one of the best decisions you and your spouse can make. It isn't necessary to wait until you both have children together.

What if you die without an estate plan?

If you die without an estate plan, it is quite ideal that all your assets go to your spouse. But what happens if your spouse dies, for example, the shock of your demise, or death claims you both at the same time? 

If you do not have an estate plan before your demise, it is uncertain who will inherit your assets. Therefore, your assets would go into probate court. The court decides who inherits your estate. It could be your spouse's relatives or a distant relative who has little or no connection with your life. In fact, the court may decide to disinherit your own family. You do not want that. So, it is essential to start preparing an estate plan. 

How To Make an Estate Plan as a Childless Couple.

It is an overwhelming process to create an estate plan, especially for childless couples. It is advised that you get an estate planning attorney who would ease the process and ensure your assets go to the right people. Having said that let's discuss how you can do estate planning. 

• Create a Medical Power of Attorney. 

You have the right to choose anyone to make medical decisions for you when you and your spouse become incapacitated. For instance, if both of you go into a coma the cause of an accident, your estate plan has covered who is going to be seeing the doctor, and make end-of-life decisions for you. 

• Add a Financial Power of Attorney 

Your estate plan should contain a document that states who will handle your financial decisions when you're not able to. This person is called a financial power of attorney. He/she has the power to handle all your finances and estate when you become incapacitated. Most commonly, it is your spouse or any other trusted individual in your family. It is still advisable to consult with an estate planning attorney when you feel confused.

• Choose an Executor For Your Will.

An executor will make sure your wishes stated in your will is met when you're finally gone. He/she will take care of financial affairs, pays debts, and distribute your assets to your beneficiaries as written on your will. 

An executor for your will should be someone you trust, maybe a close relative. However, he/she must agree to take the role of an executor. Otherwise, you hire a professional executor who can guarantee that your will is well executed.

• Name a Guardian for Your Pet (If any).

If you have pets, you should appoint a trusted person to take care of them and be their new guardian. The person appointed could be any of your relatives.

Who Should Get Your Assets When You're Childless?

Having no children doesn't mean there aren't other beneficiaries to distribute your assets to. With your estate plan, you can distribute your assets to:

• Charity.

You are not wrong when you decide to will a part of your estate to charitable organizations in your state. It establishes a positive legacy after your demise. In terms of tax, it reduces overall estate taxes.

• Family Members.

Family should get the most of your assets in your estate plan. Your siblings, cousins, nephews, and nieces should beneficiaries of your estate plan. Consider putting the children in your family as beneficiaries as well. 

• Pets.

Pets should also be your beneficiaries if you have them. You can will a certain amount of money just for the care of your pets. This is to be received by the guardian appointed for your pets. 

• Loyal Employees.

You may want to also consider employees who are most loyal to you to have a share in your assets when you're gone. A certain amount of money or property can be distributed to them to help them start afresh and find a way for themselves.

• Family Friends.

Close friends who are like family can also have a share in your estate as well. Many people would choose family friends as powers of attorney, trustees, and will executors.

Naperville and Yorkville Estate Planning Attorneys

Call us today at 630-882-2467 to discuss your living trust and estate planning needs.