Some people in Arkansas never create estate plans, and many cite similar reasons for not doing so. Some say they did not create an estate plan because they felt as if they did not have enough assets to warrant doing so. Others claim they never did so because they did not have kids and did not consider it necessary as a result.
Yet, Kiplinger notes that there are strong arguments for why everyone should have an estate plan put together, regardless of if they have, or ever plan on having, children. Here are just a few reasons it makes sense to have one if you do not have kids.
It lets you decide where your legacy goes
Not having kids does not mean you have no opinions about who is going to get your money and belongings when you die. Maybe you have a sibling or dear friend you want to inherit your legacy. Conversely, maybe you have a nonprofit organization you supported your whole life or an animal rescue where you volunteered time that you want to support after your death. Having a will allows you to decide where your assets go after your passing.
It gives you control over your personal affairs
Having an estate plan also gives you a certain degree of control over your personal, medical and financial affairs. Many people include advance health care directives in their estate plans that outline their preferences when it comes to medical care. Many people also give someone power of attorney so that individual may handle their finances after their passing.
In closing, having an estate plan in place, regardless of whether you have kids, gives you more control over your life and legacy – and better peace of mind, too.