Written by The Law Firm of Christopher W. Dumm
An estate plan is a lot of things. It is a financial plan that helps you map your way from early adulthood to post-retirement. It is a security blanket that ensures a trusted loved one or advisor has been designated to manage your medical and financial affairs should you suffer incapacitation. It is a guide that assists with your business’s continued success after you are gone. And, of course, it is a set of instructions that dictate how your assets should be distributed upon your death.
Most folks only associate estate planning with the lattermost purpose described above and so, understandably, might think that having no heirs means no need for an estate plan. This is flawed logic not only because an estate plan serves so many other purposes but because while you may have no one to whom you wish to pass on your assets, you surely have people to whom you don’t wish them to pass.
So, what options are available to you if this is the case? The Law Firm of Christopher W. Dumm assesses different options and possibilities available to those without heirs in the full article here.