Do you consider yourself largely free of being responsible for other people? If so, then you are one of many Tennessee residents eschewing tradition by creating your own American dream. Often, this means living life without children. Even married couples choose not to have children, instead living their lives free of dependents. This means there is no need to worry so much about estate planning, right?
Not so fast. You still have plenty of sound reasons to plan out your golden years and secure your estate. In fact, it may be even more crucial to take these steps if you have no children looking out for your best interests. In our legal practice, we have seen how important it is to engage in estate planning when you have no obvious heirs and beneficiaries. Listed below are some of the most important reasons our childless clients create an estate plan.
Healthcare directives: If you become ill or incapacitated and cannot make your own decisions, you will need to identify someone to act on your behalf.
Asset distribution: Unless you want the state to decide where your assets will go, you need to identify your beneficiaries. These could be friends, relatives or charities.
Real property distribution: Without natural heirs, you may want to do something special with your real property like donate it to a children's home or organization.
In the end, you have the power to exercise maximum control over all of your worldly goods by creating an estate plan. If you do decide to have children, it is not difficult to adjust your plan to accommodate your new heirs or beneficiaries. Take a look at our website to learn more about the benefits of good estate planning.