Estate planning is important if you want your assets to be properly allocated after you pass away. For married couples with children, having a will is a necessity, but is this the case if you are single and for couples with no children as well? In today’s post, AOG Wealth Management explains why the answer is yes.
Avoiding Unintended Beneficiaries
Estate planning is important even if you’re a married couple with no children. In such cases, your assets would automatically go to your spouse so that when you pass on, they inherit everything. But if your spouse were to pass away after your death, your assets would likely go to your spouse’s side of the family, something neither of you may have necessarily intended. Planning your estate will help you ensure that you and your spouse’s assets will go exactly where you want them to.
Estate Planning and Singles
It’s the same scenario for single people, as their assets are automatically distributed according to default laws. Without proper estate planning, a single person’s assets may go to unintended recipients. This is the reason our financial planning advisors strongly suggest having a will even if you’re single or have no dependents.
Single Individuals and Estate Planning
For singles, it’s imperative to identify your beneficiaries. And for single people with investments, it is important to plan how your investments will be distributed upon your passing away. And for more elaborate assets, setting up a trust may be beneficial to both you as well as your beneficiaries. For couples with no children, this method is also applicable if you’ve chosen beneficiaries that are not part of your immediate family.
AOG Wealth Management offers professional estate and tax planning services. Give us a call at (866) 993-0203 for more information on our services. We offer estate planning throughout McLean, VA and Washington, DC.
The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation