A common refrain I hear is “I don’t have children; I don’t need an estate plan.” Unfortunately, nothing could be further from the truth. Having no heirs can actually make estate planning decisions more difficult. For example, you may have a hard time determining who you would like to be the beneficiary of your estate. It can also be difficult to determine who you trust to be a healthcare surrogate or power of attorney.
Given these difficult decisions, estate planning for someone with no children is just as important as estate planning for someone with children.
Generally speaking, if you pass away with no will and no lineal descendants (including children and grandchildren) in the state of Florida, your assets will first pass to your surviving spouse. If there is no surviving spouse, then your estate passes to your parents. If there are no surviving parents, then your estate passes to your brothers and sisters and their children/grandchildren.
As you can see, it is important to have an estate plan (especially a will) in place, even if you do not have children of your own. A properly drafted estate plan directs your assets upon your passing and ensures your wishes are met.
Other important components of an estate plan are a durable power of attorney and a healthcare surrogate. These documents allow you, while you are competent, to select a trusted friend or family member to make decisions on your behalf should you become incapacitated. Without a healthcare surrogate, for example, it may lead to your parents or your siblings making important healthcare decisions on your behalf.
Estate planning is not a one-size-fits-all solution. If you have questions about your estate plan, contact a local attorney today to discuss your options.