You may be under the impression that you do not need estate planning if you do not presently have any children or if your estate is relatively small. However, this can be a major mistake that can compromise your ability to pass on as many assets as possible to other beneficiaries including to charity. There are many different benefits, even for couples who do not currently have children, to engage in the estate planning process. These include:
- Balancing your charitable, financial and personal goals.
- Health care planning.
- Preventing exploitation.
The fact that many people around the country are dual income couples who do not have kids, it is extremely important to think about the benefits of consulting with a knowledgeable estate planning attorney. You may still be able to accomplish numerous goals in particular when it comes to charity or assisting other beneficiaries even if you do not presently have children. Furthermore, estate planning is about more than what will happen to your assets after you pass away.
It is also about the process of determining who will step in and make decisions on your behalf if you become incapacitated. These critical questions need to be answered even if you do not presently have children and you want to be on the same page as your spouse even if you do not have any minors currently in the picture. Talk to an Ohio estate planning lawyer to learn more.