Everyone should consider the legacy they want to leave at the end of their lifetime, whether they have children or not. In fact, having no heirs to leave your estate to can mean that it is even more important to plan out your estate. This is because it can be significantly more challenging to get your affairs in order.
If you do not have children and if you live longer than your spouse, the assets that you have at the end of your life will be difficult to distribute. Additionally, you may be unsure whom you would like to leave your estate to at the end of your lifetime.
Estate considerations when you do not have children
It is important that everyone takes the time to reflect on their true wishes. Decisions about your legacy are not made overnight, and they are often closely tied to your personal values and the experiences that you have had throughout your life. For example, you may be interested in leaving a portion of your estate to a charity that has touched your heart.
The positives of considering your legacy early
Many people without children consider what they really value, and decide that they can start using their funds during their lifetime to benefit causes that they are passionate about. This can be a positive thing, and allows those in retirement to use parts of their estate to benefit others. For example, you may want to start a foundation during your lifetime that has the potential to benefit the cause you are passionate about for years to come.
The importance of creating a will
No matter your wishes for your estate at the end of your lifetime, it is important that you make sure that you have a will written. Dying intestate is a situation in which you pass away with no will made, and it can lead to the court establishing who will get your assets.
If you do not have children and you want to plan your estate in Pennsylvania, it is a good idea to engage in careful self-reflection before taking action.https://www.cnbc.com/2017/05/31/estate-planning-when-youve-got-no-children-or-heirs.html