Planning for old age is challenging, especially when you don’t have children. At OC Wills & Trust Attorneys, we provide estate planning for childless couples in Orange County, California.
Planning for the future can feel daunting. At the same time, it is very important if you don’t have children. The estate planning lawyers at OC Wills & Trust Attorneys have experience helping childless couples prepare for tomorrow. Contact our law firm today to schedule a consultation as soon as possible.
The Differences Between Estate Planning for Childless Couples and Couples With Children
Estate planning usually involves the next generation. For most couples, this means that estate planning involves children. However, when couples do not have children, they have to consider certain aspects of estate planning differently.
Heirs
Typically, most couples pass their assets and property to their children. If you do not have children, that is not possible. Instead, you will have to choose different heirs.
Part of the challenge of choosing different heirs is that many of your options may not be alive when you pass away. For example, if you intend to pass your money to siblings, they are likely approximately the same age as you are.
When selecting heirs, you should create a hierarchy in case your initial choices are unavailable. Alternatively, you may have to regularly change your will as close friends or family die before you.
Another option that many childless couples choose is to pass their assets to charitable organizations. Large charities will likely live long after you will. Your estate planning attorney can easily designate a charity (or multiple charities) as your heirs.
Executors
When choosing executors, you will often face the same problems you encountered when choosing heirs. If you do not have children, your executors may die before you pass on.
This problem can be resolved in a few ways. If you have nieces or nephews, you can trust them to be your executors. They can take the role children would often take. This is especially true if the children of your siblings are your heirs.
Alternatively, you can appoint an estate law firm, like OC Wills & Trust Attorneys, to be your executor. Law firms often survive their founders. This means that it does not matter how old your lawyer is — someone will be around to execute your will.
The one downside of this option is that you will have to pay for that service. However, it usually is not that expensive and the cost can come out of the assets you are passing along.
Trusts
Many couples want to help their children avoid taxes by creating a trust in their name. This is a concern that you will not have when planning your estate. You may still want to set up a trust, though. Estate planning for childless couples usually involves planning for old age, especially if one spouse outlives the other.
With the help of an estate planning attorney, you can create trusts that will activate if you or your spouse are no longer able to make decisions for yourselves or take care of yourselves. Our legal team will help you create durable power of attorney documents and choose people you can trust to handle that role.
When to Start Estate Planning for Childless Couples
Many couples first begin estate planning when they are expecting their first child. This is when they usually become concerned about what will happen to their family if they die unexpectedly. Without that triggering event, childless couples may delay.
There is never a good reason to delay estate planning when you are in a committed relationship. If you die intestate, that could create financial difficulties for your partner, even if you are legally married. You might have non-marital assets that need to be uncovered or that could be contested by another party.
The best time to start estate planning is as soon as you get married. This way, both you and your spouse know that the other person is protected from day one. Also, estate planning is not a one-time event. You should regularly consult with your estate planning lawyer every few years to ensure that your will is up-to-date if you suddenly die.
Contact an Estate Planning Lawyer in Orange County, California Today
Estate planning for childless couples is just as important as estate planning for couples with children. The sooner you get started, the more confident you can be that your loved ones will be protected if something happens to you.
Contact OC Wills & Trust Attorneys immediately, if you have not yet begun estate planning and you want to protect yourself and your family.
