Many people in Florida put off making an estate plan until they experience a major life event, such as a marriage or the birth of a child. However, if you count yourself among them, you may want to reconsider delaying the creation of your estate plan, even if you never plan to have children.
According to Kiplinger, dying without an estate plan means you give up control over what happens to your estate once you die. In doing so, you leave the responsibility of distributing your assets in the hands of the state. Creating an estate plan, even if you do not have kids, gives you an opportunity to do the following.
Make other beneficiary designations
Not having children does not mean you have no say over where your assets end up after your death. If you want to leave assets to a trusted friend, a sibling or even a charitable organization, an estate plan, and, more specifically, a will, gives you a chance to do so. If you have a dog or another type of pet, you may also decide to use your estate plan to outline a plan of care for your animal.
Make plans for your medical care
Many people also include living wills or other advance health care directives in their estate plans. The point of doing this is to give your doctors and loved ones information about your preferences with regard to your own medical care, should you suffer incapacitation and be unable to tell them yourself.
When you draft an estate plan, you maintain control over the legacy you worked hard to build even in death. Having a plan in place may also help your designated beneficiaries access what you leave them without having to face unnecessary delays.
