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Estate Planning and the Childfree Couple

ChildfreeIf you do not have any children, you might not think that you need to bother with having an estate plan. However, having an estate plan is often even more important for people without children than for people with children.

 

A common myth exists that the purpose of estate planning is to provide a way for a person's children to receive their inheritances. From this it follows that people who do not have children do not need to have an estate plan. Nothing could be further from the truth. Providing an inheritance for children is only one purpose of an estate plan, not the sole purpose or even the most important purpose.

As U.S. News & World Report points out in, "No Kids? You Still Need an Estate Plan," people without children need, at the very least, to have a will if they want to have a say in who gets their assets after they pass away.

People who pass away without a will are said to have died intestate. Every state has a law that determines who gets the assets of people who die intestate. The laws all operate similarly, in that the assets are given to the person's closest living relatives.

Under such law, those who have a spouse or children will have their assets given to that spouse or the children. If however you have no spouse or children, then your assets will be distributed to other relatives, depending on who is closest in line. Ultimately, if you have no living relatives that can be found, then the assets will be claimed by the government. The term for this is escheat.

So, the primary purpose of estate planning for most people is avoiding the laws of intestacy and deciding for yourself who will inherit from you. Do not let the fact that you do not have children deter you from getting an estate plan. Contact a qualified estate planning attorney to help you design a custom plan for your unique circumstances.

You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.  However, proper estate planning is not a do-it-yourself project.  Why not call us for a complimentary consultation at 757-259-0707. 

Reference: U.S. News & World Report (October 14, 2015) "No Kids? You Still Need an Estate Plan"

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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
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Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.