Many people living in New York delay estate planning until something major happens, such as a marriage or the birth of a child, but neglecting to create an estate plan means you relinquish some control over certain areas of your life. There are many important reasons to have an estate plan, regardless of if you ever plan to have children, and putting one together offers notable benefits, not only for you but for anyone you intend to name as a beneficiary.
According to Kiplinger, the following are some of the reasons why it pays to have an estate plan put together, even if you do not have and never plan to have children of your own.
It gives you control over your medical care
Many people include advance directives, such as health care proxies or health care powers of attorney, in their estate plans. The main reason to do so is to give medical professionals or your loved ones a sense of what you wish to happen to you if you become incapacitated due to an accident, disease or something similar.
It lets you designate other beneficiaries
You may have ideas about siblings, friends or even charitable organizations that you want to take ownership of some or all of your assets when you die. A will gives you a chance to make beneficiary designations and help support those you care about.
There are many additional reasons you may want to put together an estate plan even if you do not have children. Yet, the primary reason to do so is so that you maintain control over your medical, financial and personal affairs, even if something unexpected takes place.