Many Montana residents who never make estate plans cite similar reasons for failing to do so. Some believe they lack sufficient assets and therefore do not need an estate plan. Others believe that, because they never had children, they do not need to put a will and other elements of an estate plan together.
However, Kiplinger notes that there are many reasons you need an estate plan even if you are not a parent and never plan to become one. Some of these reasons are as follows.
You want to make a plan for your pet
You may use an estate plan to designate who you want to care for and take ownership of your pet after your death. Some people choose to create pet trusts, which are specific types of fiduciary arrangements, to set aside money for their pet’s care.
You want to leave money to charity
You may not have children to leave your assets to, but that does not mean you have no control over where they end up. An estate plan gives you a chance to leave assets to charity, so if you have a particular cause that is near and dear to your heart, an estate plan gives you a way to support it.
You want control over your medical care
An estate plan may also contain advance health care directives that outline your medical preferences if you become unable to verbalize them due to incapacitation. This gives you a chance to voice your preferences regarding organ donation, resuscitation and so on.
Ultimately, an estate plan lets you put plans in place for more than just your assets. Having one may go a long way in terms of giving you peace of mind and helping you maintain control over your personal affairs.