When you think of estate planning most people think of passing wealth and assets to their children. But what if you don’t have children, does that mean estate planning isn’t necessary? The answer is YES, estate planning is always necessary, even for a DINK (Dual Income No Kids) household. In some ways, planning is more important for DINK households. Without the protective oversight of children or grandchildren, DINKs are often more dependent on legal directives to protect themselves and ensure their wishes are followed.
The important thing to remember is estate planning always answers the question: Where do you want your wealth and assets to go?
Without a Will in place, your wealth will be distributed based on local law and options for DINK’s can be more complex. So here are ideas on how to handle your wealth and assets.
- Potential recipients for assets include relatives, friends, foundations, charities, religious organizations, alma maters and political candidates or causes.
- Take a vacation, or maximize your health care options. Use your money to benefit you in the present day to help minimize the remaining assets after you pass.
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