How should a single, childless 57-year-old start estate planning?

  • This topic is empty.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • #121151 Reply
    Cindy

      I’m single, no kids, 57 years old, no major health issues. I haven’t done anything about estate planning yet.

      I know I need to but don’t know where to start because everything is see is for couples or people with kids.

      I assume I’d want an estate lawyer? Any other advice or thoughts?

      #121152 Reply
      Gretchen

        Thought: Please dream very big on what good you might do in the world with what you leave behind.

        #121153 Reply
        Lacey

          Short answer: yes, look for a local estate planning attorney.
          I work in this field, and I am also unmarried and childfree. I have a trust based estate plan.

          My beneficiaries are other family members and/or friends.

          What you are probably seeing with regards to couples/families are examples that cater to those because that’s the majority of people.

          But don’t assume that estate plans are one size fits all and you will have a “square peg round hole” situation just because you have no kids or whatever.

          Unless you DIY on legal zoom (please don’t), they’re highly customized to your situation.

          So just because you don’t have kids…
          — you probably have a desire for other people in your life that you’d like to inherit your assets (or charities)

          — you probably want to make the above process as easy as possible for your loved ones

          — you probably have in mind a person you’d like to appoint to talk to doctors for you if you’re incapacitated… or pay your bills and handle your money for your benefit if you’re incapacitated.

          Generally — be weary of generic advice you might get on the Internet (like here) and do go to a local attorney to discuss your specifics.

          #121154 Reply
          Matt

            Ask around for recommendations for a wills and estates lawyer in your area (and definitely in your state).

            If you have assets, your wishes regarding their distribution are no less important than if you had children or a spouse.

            Before you meet with the lawyer, give thoughts about who you would like to receive your assets.

            #121155 Reply
            Valerie

              If you die tomorrow your estate will go to probate and the state will decide what to do with it because you didn’t name anybody to handle it.

            Viewing 5 posts - 1 through 5 (of 5 total)
            Reply To: How should a single, childless 57-year-old start estate planning?
            Your information:




            Spread the love