Although having children was once expected of a married couple, the decision to have children is now just that – a decision, not an expectation. If you are one of the growing number of couples who have decided not to have children, you may feel that estate planning is less important for you than for your counterparts who have children. After all, estate planning discussion frequently focus on protecting and providing for children; however, estate planning is equally important for you and your partner/spouse. The Northwest Arkansas attorneys at Wilcox Attorneys, PA explain why you need estate plans if you do not plan to have children.
Couples Without Children Need Estate Plans
Whether you decided not to have children because you are concerned about overpopulation, worried about climate change, stressed over the financial cost of raising a child, or the desire to travel or focus on a career, that decision should not impact your decision to create an estate plan. There are numerous reasons to have an estate plan despite your decision to remain childless, including:
- To avoid dying intestate. If you die without an estate plan in place you leave behind an intestate estate, meaning that the Arkansas intestate succession laws will dictate who inherits from your estate. In the absence of children, the law typically dictates that a spouse, parents, and/or siblings inherit your estate assets, depending on who survives you. You need at least a basic plan in place to ensure that your estate assets are distributed according to your wishes instead of letting the State create a plan for you.
- Choosing fiduciaries. Fiduciary positions, such as the Executor of your estate or the Trustee of a trust should be chosen by you because you know the people involved and the duties they will undertake. If you do not appoint someone to these positions, and you are not survived by a spouse, a judge will usually need to decide who to appoint.
- Providing someone with decision-making authority as you age. If you become incapacitated at some point, someone will need to make financial and/or healthcare decisions for you. A spouse may legally have the authority to make decisions for you; however, your spouse could predecease you, leaving a judge to decide who should handle your assets and/or make important healthcare decisions for you in the absence of an estate plan.
Benefits of Estate Planning
Regardless of your decision to forego becoming a parent, estate planning offers numerous benefits, such as:
- Incapacity planning. Whether because of a random accident while you are relatively young or the development of Alzheimer’s as a senior, incapacity can result in the need for someone to control your financial assets and make decisions for you. Your estate plan lets you decide who that person is.
- Distributing your estate according to your wishes. Your favorite niece, childhood best friend, or favorite charity can only inherit from your estate if you have an estate plan in place that directs them to inherit.
- Making sure a pet is taken care of if something happens to you. Do you have a pet who is loved and spoiled just as if he/she is your child? If so, estate planning allows you to incorporate a pet planning component into your plan. You can even create a pet trust that legally ensures your beloved pet will be well cared for long after you are gone.
- Making end-of-life medical treatment decisions for yourself. If you have strong feelings about life-prolonging and/or life-sustaining medical treatment, you can make sure those wishes are honored and legally enforceable if you include a Living Will in your estate plan.
Do You Have Additional Questions about Estate Plans for Couples without Children?
For additional information, please download our FREE estate planning worksheet. If you have additional questions about estate planning for childless couples, contact the experienced Washington County, Fayetteville, Springdale, Rogers, Bentonville, and Northwest Arkansas trust attorneys at Wilcox Attorneys, PA by calling (479) 443-0062 to schedule your appointment today.