When you die without having an estate plan, you relinquish control over what happens to the assets and legacy you worked so hard to get. Many people in Tennessee mistakenly believe that they do not need estate plans because they do not have any children. Yet, there are several reasons you need an estate plan even if you do not have, and never plan to have, kids.
According to Kiplinger, the following are some of the reasons why it pays to create an estate plan, regardless of if you have children of your own.
It gives you power over your legacy
You do not have to have kids to have an opinion about where your legacy goes after your death. You may wish to leave your assets to a sister, brother or close friend, or you may decide to leave them to one or more of your favorite charitable organizations, among other possibilities. Otherwise, where your assets go after your death becomes the state’s decision.
It helps you plan for incapacity
Powers of attorney and advance health care directives are among the types of estate planning documents that allow you to plan for your own incapacitation. Different types of advance directives help you do everything from becoming an organ donor to deciding whether you want doctors to resuscitate you, should the need present itself.
Having an estate plan may also reduce the amount of time your estate spends in probate, which may help your intended beneficiaries get what you leave them faster than they would have had you not created an estate plan.