Estate planning for childless couples

On Behalf of | Mar 7, 2020 | Trusts

It isn’t uncommon for couples in Nevada and elsewhere to refrain from having children. This may be because they are worried about their parenting skills, focused on professional pursuits or they simply prefer not to have children. However, it is still important for childless couples to pay attention to their estate planning needs.

For instance, creating a will allows the estate owner to decide where his or her assets go after passing. Without a will, assets could go to people who were not the intended recipients.

If an asset allows for a beneficiary designation, it is important to make one as soon as possible. It is also a good idea to look over beneficiary designations on a regular basis. This can be especially important after a divorce, new marriage or death in the family.

Those who want to donate money to a charity should consider doing so through a charitable remainder trust. During the trust creator’s lifetime, they’ll have access to the money or other assets inside of it. When that creator passes, whatever is left in the trust will be distributed to a charity of their choosing. Money can also be put into a trust to ensure that a pet is cared for after the owner dies.

A will or trust could help an estate owner retain control of assets while alive and after passing. Trusts may ensure that assets are given to an adult child or a charity as opposed to a former spouse or other estranged family members. By working with a legal representative, an estate owner could maximize the chances that a trust or will is structured correctly.