The older you get, the more you might start thinking about your future, and putting together an estate plan is a great place to start. Many Florida residents who neglect to create estate plans say they never did so because they did not have children to inherit their assets. Yet, there are many important reasons to have an estate plan, even if you never plan on having children of your own.
According to Kiplinger, the following are some key reasons to have an estate plan put together regardless of your parental status.
To maintain control over medical affairs
An advance directive tells doctors what to do if you wind up in a serious accident or otherwise become incapacitated and unable to express your wishes. Florida recognizes various types of advance directives, among them living wills, health care surrogate designations and anatomical donations.
To have a say in who gets your legacy
You may have a sibling or dear friend you want to take ownership of some or all of your assets when you die. On the other hand, you might have a nonprofit you support that you want to have some of your legacy after your passing. A will lets you stipulate who you want to inherit what, rather than letting the state decide this for you.
To make a plan for your pet
You may also decide to use your will or other components in your estate plan to outline what you want to happen to a pet you leave behind, if applicable.
An estate plan often does more than just state where you want your assets to end up – it also gives you a voice in your personal, medical and financial affairs in the event that something unanticipated happens.