Tips for Writing a Will When You Don’t Have Children
Even if you don’t have children, it is a good idea to create an estate plan that includes a will or living trust. In many cases, the process of creating a will is the same whether you intend to give assets to a child or not.
How to Choose Your Beneficiaries When You Don’t Have Children
If you don’t have a biological child or grandchild to transfer assets to when you die, it doesn’t mean that you can’t give away assets in a strategic manner. For instance, you may want to give money to your favorite charity, your old high school or to a neighbor who may need help paying bills.
Who Will Oversee Your Estate?
A will allows you to name the person who will oversee your estate after you pass on. In most cases, an adult child acts in this capacity. However, if you don’t have children, you could ask a close friend, a sibling or a professional to act as the executor of your estate.
Do You Need a Will and a Trust?
Putting assets in a trust may reduce the amount of taxes that your estate has to pay. Assets that are in a trust generally bypass probate, which means that your beneficiaries get their money or other assets much faster. A trust administration lawyer in Las Vegas may be able to tell you more about how wills and trusts might coexist inside of your estate plan. In some cases, a pour-over will can be an ideal way to ensure that assets find their way into your living trust.