What happens when you die without a will and you don't have children? Who gets your property and assets? You probably haven't given this much thought. But the truth is, estate planning is important for everyone, regardless of whether you have heirs or children. An estate planning attorney can help ensure that your assets are given out as you want them to when you die. Here are four ways an estate planning attorney comes in handy when you don't have any heirs or children.
1. An Estate Planning Attorney Can Help You Create a Trust
They can help you to determine how your assets should be given out after you're gone. Should they go to charity? Should they be used to pay off your debts? An experienced attorney can offer guidance and ensure that your wishes are carried out. Additionally, an estate planning attorney can also help you to plan for incapacity. If you become disabled and are unable to make decisions for yourself, having a trust in place can ensure that your assets are managed according to your wishes.
2. They Can Help You Avoid Probate
Probate is the legal process that is used to settle an estate after someone dies. If you die without a will, your estate will likely have to go through probate. This can be a lengthy and expensive process, which is why many people try to avoid it if possible. An estate planning attorney can help you do just that. They can assist you in creating a trust, which can help your assets avoid probate altogether. Trusts are not subject to the same rules and regulations as wills, so they can often be settled much quicker and with less expense.
3. They Can Help You Minimize Taxes
If you have a large estate, it's possible that a significant portion of it could be taxed. However, an experienced attorney can help you to structure your assets in such a way that minimizes the amount of taxes your estate will owe. This can ensure that more of your assets go to the people or causes that you care about, rather than being lost to taxes.
4. They Can Provide Peace of Mind
Finally, working with an estate planning attorney can provide peace of mind. Knowing that your affairs are in order, your future is planned, and your assets will be distributed accordingly can give you a great deal of comfort.
Even if you don't have any heirs or children, don't assume that estate planning isn't important for you. Talk to an estate planning attorney today to learn more about how they can help you.