4 Reasons Why DINKS Need to Estate Plan

As DINKS, you may put off estate planning. After all, you don’t have to worry about who will raise your children when you pass. You don’t have to worry about creating generational wealth. However, while that is true, there are still four reasons why DINKS need to estate plan. If you haven’t done so, this is your reminder to start the process regardless of your age. Everyone, whether they have children or not, must have a plan for those they leave behind when they pass on.

4 Reasons Why DINKS Need to Estate Plan

Take the time now to plan your estate to make things easier for your relatives or friends who must handle your affairs.

Protecting Your Partner

A significant portion of DINKS are not married. If you’re part of an unmarried, committed couple, you’ll want to estate plan so you can protect one another.

For instance, you can appoint your partner as your healthcare proxy to make healthcare decisions for you. Without this designation, your partner would have no say in your care because you’re not married or related.

In addition, you can appoint your partner your durable power of attorney so she can manage your affairs if you’re incapacitated. Without this designation, your partner would have to go to court to be able to handle your affairs, which can be expensive and time-consuming.

Medical Care

What if you were to become incapacitated? Who would make your medical decisions? Does the person who will have to make those decisions know what you would want? Do you?

An estate plan forces you to look at difficult what-ifs and determine what you would want done if you could not communicate and advocate for yourself.

Determine Where Your Money Will Go

Without an estate plan, a court will determine who gets your money. However, if you make a plan, you get to make that determination. You can choose who will get your money and how much each person will get. Or, you may determine that you want all your money to go to your favorite charities. The choice is yours if you have the proper documents in place.

Having an estate plan will also save your friends or relatives from paying for probate, which can be expensive.

Determine Your Executor

In addition, a will allows you to pick your executor. This person will be the one who handles all issues that arise after your death. For example, the individual will distribute your money and possessions to those you have designated. In addition, the person will handle your final affairs, such as filing your last tax return and closing your accounts.

Final Thoughts

Hopefully, these reasons why DINKS need to estate plan should convince you that you need to make an appointment with a lawyer sooner rather than later to get these essential documents in place. Everyone needs to plan for the possibility of being incapacitated as well as their eventual demise. You’ll make this process easier for your friends and family if you do.

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