For whatever reason, many individuals go through life without having any children or close family. While this type of life does not necessarily mean that these individuals have led less fulfilling lives, as they get older, they may begin to wonder what will happen to their accumulated assets. Some Michigan residents may think that it is not even necessary to go through the estate planning process.
However, having an estate plan can be beneficial for anyone. Even if a person does not have children or other family to whom they would like to bequeath property, they can still make their wishes known. If a will or other planning document is not created, the person will die intestate, and state law will dictate how the remaining property will be divided.
Luckily, even without close relatives, individuals still have the opportunity to leave their assets to important causes. Some parties may choose to set up a scholarship fund in order for their assets to go to good use after their deaths or, similarly, have their remaining funds and property donated to charity. By utilizing an estate plan, people can ensure that this type of outcome takes place.
Therefore, Michigan residents who do not have children should not overlook the idea of estate planning. In fact, by gaining additional information, they may find that they have a great use for such a plan. In order to ensure that the knowledge they gain is reliable, interested individuals should speak with experienced attorneys about their planning options.
Source: CNBC, “Planning your estate when you’ve got no children or heirs“, Sarah O’Brien, May 31, 2017