What Couples Who Do Not Have Children Must Know When Creating an Estate Plan in Hawaii

Estate planning can seem daunting and complicated. And although a lot of people think that couples who do not have kids can easily go through the planning process, the truth is that these couple’s estates can be as complicated as those who have children.  Childless couples will still have to take into account what happens to their assets in the future and who will make important decisions if one spouse becomes incapacitated or dies. For these couples, working with a skilled estate planning attorney in hawaii can greatly benefit them. 

Do Childless Couples Need a Will?

Having a trust or a will is a vital aspect of estate planning no matter whether a couple has kids or doesn’t. In fact, this is even more essential for childless couples as they have to make it clear who must get their assets when they die or cannot make necessary life choices. 

In addition, a trust or will protects a couple’s end-of-life wishes as these details the individual who will make financial decisions for them, who gets their assets, and if such kinds of discussions must involve family members. 

Without a will, a spouse’s assets may to their spouse. But when the owner of the assets dies, the assets may go to their surviving family members or the surviving family members of their spouse. When it comes to asset allocation, sets have varied rules and the state may need to decide on how assets should be distributed.

Creating an Estate Plan If No Children are Involved

A lot of couples with kids usually leave their assets, family heirlooms, and finances to their kids. 

For those who don’t have kids, the distribution process can involve some creativity. When these couples make an estate plan, they must consider the following aspects:

• Power of attorney. An individual who has been given power of attorney can make important financial decisions for an estate owner if they cannot do so. An estate owner can have many powers of attorney delegating on various aspects of their life like investment and rental options, health-related decisions, as well as the division of funds such as saving accounts.
• Beneficiaries. When creating an estate plan, beneficiaries for financial funds such as life insurance policies and retirement accounts must be considered. Beneficiaries must be kept up-to-date, ensuring the end-of-life wishes of couples who don’t have kids are executed the way they would like.
• Charities. Couples who do not have children will usually leave behind parts or all of their assets to non-profit organizations like charities. Thus, a trust must be established to ensure assets are allocated in this way.