One important aspect of planning for the future is the assurance that one’s property and assets will be handled properly after the owner’s death. For many in Arizona, this means establishing plans that will pass personal assets and wealth to heirs and beneficiaries, such as children, grandchildren and other loved ones. However, not everyone has direct heirs, yet estate planning is still a critical step for these individuals as well.
Decide what happens to personal property
Child-free individuals and those who have no heirs still have property and assets that will need to go somewhere after they pass. Estate planning for these individuals may involve considering the passage of property to certain charitable organizations and other recipients. The following tips may be helpful:
- Even without direct heirs, having a will is essential.
- It is still important to have powers of attorney drafted.
- Use a will as a way to leave assets to charity.
- Consider leaving plans for the care of pets.
Estate planning is a critical step for all adults, even if they do not have direct heirs. In fact, most adults of all ages, health status and income levels can benefit from taking this step.
Smart long-term planning
The future is unpredictable, but estate planning can allow one to have assurance and peace of mind. An assessment of one’s estate plan can reveal which planning steps are most necessary for the individual situation. It may be helpful to speak with an experienced Arizona estate law attorney to understand how one can begin the estate planning process.
