CNBC.com published an article by Sarah O’Brien entitled, "Planning Your Estate When You've Got No Children or Heirs" (May 31, 2017). Provided below is a brief summary of the article published at CNBC.com:
Planning Your Estate When You’ve Got No Children or Heirs
Certified financial planner Mike Keeler has a client, a retired teacher, who saved diligently for her golden years and will leave behind a sizable estate when she passes away. Her estate planning challenge, though, is that she has no children.
“Sometimes there is no close family, and the person doesn’t know who to leave their estate to.” Said Keeler, CEO of Peak Financial Solutions. “They also don’t know who to name as executor of their will or who they trust to make decisions for them if they are incapacitated while still living. These can be tough decisions.”
People with no children sometimes are unsure of who to appoint as their decision maker or what would happen to their assets all together. Study shows that most people who are childless fail to put in place even the most basic part of estate planning: a will. This is a problem, when you die without a will which is called dying intestate, your state’s court system decides who gets your assets.
To continue more in depth on this issue, please continue to read the full article "Planning Your Estate When You've Got No Children or Heirs" from CNBC.com