Estate Planning For Childless Individuals
What Happens if You Die Without a Will When You Have No Children?
If you are a childless person and you die without a will, your assets go to your spouse or common-law partner. If you don’t have a spouse or common-law partner, your assets will go to your parents. If your parents are deceased, they will go to your closest relative, such as a sibling or a sibling’s children.
If you want to control exactly where your assets go and/or split them between multiple people, it is essential to create a will outlining who you would like to inherit your assets. Get the help of an experienced wills and estates lawyer to ensure that your wishes are properly documented in your will in a way that is legally binding.
Leaving Money to Charity
Many childless people choose to leave a sum of money to a charity that is close to their heart. Leaving a sum of money to a charity can also be practical because it can lower your estate’s tax costs. If you have a charity or charities that you would like to leave assets to, make sure that you get help from a lawyer to write the charity into your will properly.
How to Choose an Executor
Often when we hear about executors, we hear about people appointing their children to the role. This can make childless individuals unsure who to choose as their executor. One option is to choose a partner, close friend, or family member. You can also appoint a lawyer to carry out the role of executor of your estate if you would prefer to leave the responsibility to a professional. At Munro & Crawford, our lawyers can act as your sole executor or co-executor along with a loved one. Get in touch for more information.