Estate planning has traditionally been thought to primarily serve two important interests. It was a way for parents to provide for the well-being of their children, particularly any minor children in case something happened to the parents. It was also thought of as a way to provide for a spouse who did not have an income of her own. It was usually a “her,” but not always.
Today, however, many couples who get married are choosing not to have any children. Both spouses often also have a decent income of their own. These couples are sometimes referred to as "Dual-income no children", or "DINKs" for short.
Since the two traditional reasons do not apply to them, they often think they do not really need estate plans.
They are wrong, as Wealth Management points out in "DINKs Need Estate Planning Too."
Couples, where both spouses have incomes and no children, still need to determine what will happen to their assets after they pass away. Without an estate plan, the assets of the first spouse who passes away will typically go to the surviving spouse. However, what will happen to the assets after the second spouse passes?
That is not clear.
It is also not clear what would happen, if both spouses pass away in the same accident.
Couples without children might want to set up charitable trusts. They might want to make sure certain that other family members receive an inheritance from them (or do not receive an inheritance from them).
These couples might also want to do something completely out of the ordinary.
Regardless, the specifics of what it is wanted do not matter, since they will not happen without an estate plan.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: Wealth Management (May 30, 2017) "DINKs Need Estate Planning Too."