Since your estate plan is the document that determines exactly how all of your assets and belongings are passed down after your death, it is a natural instinct to list your children and spouse as your beneficiaries. However, many people find themselves in the position of having no surviving spouse or children, which makes the estate planning process more difficult. If you are in this position, seeking legal advice from an attorney that specializes in estate planning can help you determine your best options.
Identify Your Passions
If you don’t have the option of leaving your life’s savings and achievements to family members, you can instead direct your assets to charities that relate to the matters you feel passionately about. For example, a lifelong teacher might use her assets to establish a foundation that awards scholarships to students from at-risk schools who want to attend college. On the other hand, someone who spent his life going on mission trips might choose to invest his money in a charity that supports healthcare and infrastructure in developing countries. It’s always possible to begin these efforts while you are still living, rather than waiting to pass everything on once you aren’t here to enjoy the fruits of your labor.
Finding a Health Care Proxy
Whether you are single and never married, or a widow or widower without children, you may struggle to find somebody that you trust to serve the vital role of medical power of attorney. Since this person can make important healthcare decisions when you are incapacitated, you want to select a person that you have faith will act in your best interests. Friends, extended family members, and neighbors are all options for older adults without close family ties. Just be sure to have a conversation with the person that you choose so that he or she is aware of your wishes and understands the new responsibilities assigned.
North Tampa Law Group has served residents of Hillsborough and Pasco Counties for years with the empathy and knowledge needed to resolve estate planning issues. Reach out to an attorney at North Tampa Law Group now by calling (813) 579-6762 to get the help you need creating an effective and thorough estate plan.