As you get closer to the end of your life and you begin thinking about estate planning, you decide that you don’t really need to make a plan. You never got married or had any children. You have no natural heirs, so there’s no need to determine how to split your assets up between them.
But is this a good way to go about it? Do you still need an estate plan even if you don’t have any heirs?
An estate plan might be even more important if you don’t have heirs
You absolutely do still need an estate plan, and you could even argue that it is more important specifically because you don’t have any heirs. No one is going to naturally inherit from you. Where do you want your assets to go? Who should take care of your affairs? There are many things that need to be done after you pass away, and someone needs to handle all of these tasks.
For instance, many people who do their estate planning add a medical power of attorney. They choose a person who can act on their behalf if they need assistance making medical decisions. Since you don’t have any heirs who may be interested in doing this, you have to be especially careful about choosing the right person and getting this plan in place so that you’re not on your own when those choices have to be made.
If you don’t have a plan yet, learning more about the law can help you break down all of your options. It is often far better to get an estate plan in place sooner, rather than later.