Estate Plans: Not Just For Parents
Traditionally, clients have reserved addressing their estate planning needs for later in their life. When those needs are finally addressed, their adult children often serve important roles in their estate plan, whether as beneficiaries or as executors or fiduciaries. On the other hand, the inaccurate perception has been that younger couples with no children do not require any planning.
However, with the growing number of couples categorized as DINKs (an acronym for “double income, no kids”), many potential clients may be under a false impression that the traditional benefits of an estate plan do not apply to them. These high-income earning couples may assume that they have no need for an estate plan because the thought of leaving children without an estate plan has not occurred to them.
In truth, a modern and comprehensive estate plan can have as much to do with the efficient management of a client and her assets during life than it does with the administration of the Client’s assets after passing. DINK couples should consider having Powers of Attorney, Designations of Health Care Surrogates and Living Wills in place, and should think about the possibility of a simultaneous death or the protection of one’s spouse. These documents help a client in times of incapacity and can help others in implementing a client’s health-care preferences.
Other estate planning considerations modern DINK couples face include funding charitable inclinations, vacation homes, closely held businesses, and maintaining lifestyles. These concerns give rise to legitimate and important questions regarding a client’s estate plan, and they should be addressed sooner rather than later.
If you have any questions about the need for an estate plan at an earlier age, and the important documents you should have in place to prepare for incapacity or health care challenges, please do not hesitate to contact me at firstname.lastname@example.org or (772) 234-5500.