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Three estate-planning tips for couples without children

On Behalf of | Sep 26, 2019 | Wills |

Couples without children in Georgia and other states do not have the same concerns as couples with children when it comes to estate planning, but they still must plan ahead. They likely want their assets to go to charities or educational or religious institutions upon their death as opposed to them being divvied up by the state.

It is estimated that more than 60 percent of people do not have a will. This is a crucial document that determines where a person’s property goes if they die. It is important that couples without children make their wishes known. This is essential to ensure the couple’s distribution of property matches their desires.

Couples who love their pets as much as they would have loved a child should be sure that their pets are taken care of upon their death. More than 50,000 pets are euthanized each year because their owners fail to plan ahead. A couple could put money into a trust in order to cover the expenses of caring for their pet, they could choose someone who to be their pet’s caretaker, or they could select an organization that would care for the pet.

Another crucial document that couples should have is a power of attorney. This would give someone the couple trusts the ability to manage their finances, investments, and property if they were unable to do so.

Planning ahead is essential if a person wants their assets and pets to be cared for upon their death. An individual may choose to speak with an estate planning attorney if they have questions about trusts, wills, and a power of attorney. The attorney may be able to provide advice on the necessary documents that need to be filled out and other matters relating to protecting their assets.

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