This article from the New York Times (April 29, 2023) addresses planning opportunities and challenges for those without children. *subscription link required (may not be required): email Lorie if you want a link to the article and don’t have a subscription to the NYT*
Our clients who don’t have children have a special opportunity and challenge in planning their estates. For parents, the default plan of “giving it to the kids,” is a common starting point that is often adjusted with gifts to charities or other loved ones – but with “the kids” as the center of the planning. For unmarried clients or those without children, their plan is a blank slate and it can be a bit overwhelming to consider all of the possibilities.
The article gives thoughtful mention to challenging questions for unmarried clients or those without children such as giving extra thought and consideration to your “helpers” – like your trustee or agent under your advance health care directive.
A consideration not mentioned in the article: professional or corporate trustees may be a better fit than a friend who might not have a close relationship with other beneficiaries.
The plans of our clients without children are more likely to evolve over time. Feel free to reach out anytime if you’d like to explore strategies relating to your “helpers” or changes to your plan in general.
When Friends Are Your Primary Concern in Making a Will
And remember, another Legacy Program benefit (and a cost of non-renewing) is that typically discussions and implementation of even somewhat minor changes to the estate plan for non-legacy program clients cost $5,000+.