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Why an estate plan is necessary even if you do not have kids

On Behalf of | Nov 21, 2022 | Estate Planning |

Many people in New Jersey wait to create an estate plan until they experience a major life event, such as a marriage or the birth of a child. However, having an estate plan helps you maintain control over several key aspects of your life, regardless of whether you have a spouse or a child.

According to Kiplinger, some people cite not having children as a reason for neglecting to create an estate plan. However, your assets have to go somewhere after your death, and if you fail to create a plan for them, where they go is up to the state. Creating an estate plan, regardless of whether you have children, gives you a chance to do the following.

Decide where your assets end up

You may not have children, but you may still have strong opinions about who stands to inherit your estate after your death. For example, you may want to leave your legacy to a niece, nephew or close family friend. You may also decide to leave some or all of it to a charity or charities whose missions you value.

Create a plan for your pet

You may also decide to use your estate plan to create a plan for your dog or other pet, should you die before the animal. You might leave money to a certain person you trust so that he or she cares for your pet after your passing. You may also decide to establish a trust to set aside funds for your pet’s care.

An estate plan does not have to be lengthy or complex to help you accomplish these and other important steps involved in planning for the future.