Often the necessity of naming a guardian for minor children pushes parents to finally focus on estate planning and get the right documents executed. Without that factor, it may be easier for nonparents to let estate planning slip through the cracks because most of us think that death or incapacity is always a long ways off.
The interesting thing is that nonparents, once they get around to it, end up executing some very creative estate planning documents. When you are not simply leaving everything to the kids, it gives you more options to consider.
How do you want to be remembered? What legacy do you want to leave? Are there nieces, nephews, cousins, neighbors, friends or charities that would benefit from what you leave behind? If so, how much and in what manner do you make those bequests?
We have seen nonparents set up elaborate travel arrangements for beneficiaries, out-of-the-box funeral and burial arrangements, and extremely generous donations to charities and those in need. Estate planning is never a one size fits all arrangement. What you leave behind is limited only by your imagination. For a consultation with experienced and creative estate planning counsel in the Greater Baltimore area, reach out to Stouffer Legal at 443-470-3599.