Estate Planning: A Guide for Those Without Children, and Widowed or Single
You have reached your golden years, and you have amassed a sizeable wealth. In such situations where you have a family, you can easily bequeath your assets and properties to your beneficiaries, such as your children, grandchildren, your spouse, or other relatives.
In some cases, however, you may have difficulty identifying beneficiaries for your will when you have no children and have lost a spouse or have remained single.
O’Shea & Dyer Solicitors notes that one of the experienced lawyers in Townsville, Queensland can help you make informed decisions.
Estate Planning Challenges
Individuals who have no children and have lost a spouse or have remained single face several challenges when it comes to estate planning. For one, you have no clear beneficiaries to whom your assets can be distributed. In addition, because you lack clear beneficiaries, and if you fail to leave a will, your assets may be given to individuals you didn’t want to get your assets. Lastly, you can have difficulty finding a proxy decision maker.
Should You Plan?
Now, you may be wondering if you should even go through estate planning. Even if you have no children, you still need it if you care about your estate. Your estate can go to unintended beneficiaries as mentioned previously. In the case of incapacitation, you need an attorney who can make decisions for your health and estate.
You can start estate planning by consulting with lawyers who can orient you with the process. Once you understand estate planning more thoroughly, you can start on a will and decide who will give the powers of attorney and who will get what.
Proxy and Beneficiaries
The designated proxy needs to have an impeccable character to ensure that your estate will be in good hands. You can give specific instructions to your proxy to help him carry out your wishes. For your beneficiaries, you can give assets to nephews, nieces, or friends. You can even give to charities or set up a charitable foundation yourself.
You can overcome challenges to your legacy through careful estate planning. Work with the right lawyer who can help you with decision-making and implementation of your will.