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Even young and childless individuals need to have an estate plan

More individuals are single and growing older without children. In these circumstances deciding where one's estate should be distributed may be more complicated. This person may also need to make choices concerning the person they will trust to make certain their wishes concerning the distribution are fulfilled.

Another concern is young individuals who come across a large sum of money and who have not yet married or have children. A large number of tech entrepreneurs for example may have come across such sums through a start-up business. Though young people may not always think about what will happen to their estate when they die, it is something to think about when one has already accumulated a large amount of assets - especially if one does not have any estate plan put together.

Some of these young people have already donated substantial amounts of cash to charitable organizations. These young individuals may set up a donor-advised fund that allows for a one-time donation or continuous contributions. This may allow one to avoid fees and a large amount of paperwork. It also can provide tax benefits as well. "It gives me an opportunity to put money away without thinking immediately about where it will go," stated one individual that chose such an option.

Every individual has unique circumstances when it comes to estate planning and a strategy that works for one person may not be doable for someone else. Some have children and some do not. Others take care of someone with special needs. Also, every state has its own set of laws and tax regulations. There are attorneys that can help individuals develop a plan that caters to their particular needs.

Source: Reuters, "Estate planning for the young, rich and childless," Beth Pinsker, June 2, 2014

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Jeffrey P. Scott & Associates

Jeffrey P. Scott & Associates LLC
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