It is sometimes easy to handle estate planning when there are children to whom wealth and assets can be given, but those who do not have these children are stuck with some interesting questions about what to do with their money. Should they give it to their friends or perhaps to the college that they attended? They also have to wonder who is going to make sure that everything is done according to their wishes.
According to reports, there are as many as 17 million Americans who are not married and who are close to retirement. They are 65 years old or older, and those who are not yet retired are getting ready to become so in the near future.
Those involved with financial planning point out that the amount of money a person has can be just as important -- if not more so -- as their age. For instance, those with $100,000 or more are far better off to craft a will at any age than to let the courts determine what to do with the money, according to these individuals. They point out that a lot of the money can just end up with the state if they take no action.
Some people do not relish this idea and would rather give to a charity.
Experts also pointed out that planning without children is important for cases where a person becomes ill or injured and needs someone else to help with the decision-making process. People need to be chosen and legally put into a position to help.
While estate planning can be more complicated for those living in New Jersey without children, it is often most important for them to get everything in order early, unless they want to let the state be in charge of everything, rather than an appointed assistant.
Source: Reuters, "Estate planning for the young, rich and childless" Beth Pinsker, Jun. 02, 2014