Do adults who are single and childless need an estate plan?

The answer is yes, according to a column on nwitimes.com.

A reader said he had a son in his 50s who is unmarried and without any children. The reader said he had urged his son to get an estate plan but the son said there was no need as everything would go to him — the father.

The columnist, an attorney, said that is not necessarily the case as the son’s mother, if still alive, would share in getting his assets. The writer also pointed out that the state would become involved in determining who gets what if the son died without a will.

The columnist also noted that beneficiary designations on life insurance policies or retirement plans trump wills.

Beyond all that, the columnist noted that an estate plan consists of more than who gets what. It also includes health care decisions and financial decisions should the son become incapacitated.

If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.

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