After practicing estate planning for over 17 years one thing has become clear: there are no two people, nor are there any two couples who are alike. The good news is that estate-planning can take into consideration all the differences and unique circumstances of each person and couple and can create a customized estate plan for them. There is no place where this is more true than when you have a couple who have no children. Here are 4 tips for estate planning for a childless couple.
1. POWER OF ATTORNEY FOR FINANCES
The first and most important thing to understand is that estate planning is not just about giving your property away. Really, the most important part of estate planning, is to care for yourself while you are alive. This part of estate planning really doesn’t matter whether you have any children or not.
The first part of estate planning to consider is the power of attorney for finances. This is sometimes called a durable power of attorney. This is the document that gives another individual the ability and power to take care of your property, finances, bills, and everything else that you normally do for yourself on a daily basis while you are alive but are unable to do it for yourself.
If, for example, you were to have Alzheimer’s disease and suddenly become incapable of caring for yourself, someone needs to be named who can take care of your daily life activities, circumstances and finances. If you do not have a power of attorney completed then the only way this can happen is through a guardianship proceeding in the courts. This is a costly and can be a time-consuming method. It is simpler and easier to complete this part of your estate planning through a durable power of attorney whether you have any children or not.
2. POWER OF ATTORNEY FOR HEALTH CARE
The second tip of completing estate planning for a childless couple is to create a power of attorney for health care. Like the durable power of attorney listed above, the power of attorney for Health Care is where you grant to another individual the power to make medical and Health Care decisions for you. This would include the kinds of medicines that you take, It could also include the doctors that you see, the medical procedures that you receive, and if necessary, an assisted living place where you will live.
Again, by taking care of this through a power of attorney for health care You have eliminated the need for a guardianship proceeding. This will save you time, and money.
3. LIVING WILL
In addition to granting Powers of Attorney, you also have the ability, right now while you have legal capacity, to create a living will. A living will is also known as a health care directive, or a do not resuscitate directive. Essentially, you have the ability right now to make decisions about the kind of medical care and treatment you will receive towards the end of your life, if you are unable to communicate with your physician. This allows you to take the burden of making end-of-life decisions off of the shoulders of your spouse or other family members.
4. DISTRIBUTING YOUR PROPERTY – OPTIONS
The final tip is that even if you don’t have any children to pass your property to you may have a spouse, or other family members that you would like to have receive your property. Even if you have no family that you want to distribute your property to, there are countless worthwhile Charities that you can distribute your property to. In other words, even if you have no children, there are always family, friends, or groups that you can distribute your property to in a way that will be meaningful.
If you have questions about your estate planning, we can help. Call us toll free at 877-232-6101 or 208-232-6101 for a consultation with Lane Erickson and the Racine Olson team of Estate Planning attorneys in Idaho. You can also email Lane Erickson directly at lve@racinelaw.net. We will answer your Idaho Estate Planning questions and will help you solve your Idaho Estate Planning problems.
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