Wills and estate plans generally exist so that people can pass their estate on to their heirs as efficiently as possible while reducing taxes and avoiding probate.
While estate planning decisions may be a little more difficult to make without direct heirs, there are still good reasons to create an estate plan if you do not have children.
You choose who benefits from your estate after you die
If you die without a will or estate plan, the laws of your state will determine what happens to your assets. In Pennsylvania, intestate laws dictate that your assets will pass to your closest living next of kin. However, if you create an estate plan, you can choose how to divide your estate and may leave it to friends, loved ones, charitable organizations or any other beneficiary you choose.
You protect yourself in the future while still alive
Solid estate plans include naming both a power of attorney and a medical power of attorney. When you name someone as your power of attorney, you give them the authority to make financial decisions for you if you become incapacitated. This includes things like signing checks, paying taxes and running your business. When you choose a medical power of attorney, you give them the authority to make medical decisions for you if you become incapacitated. This includes hospital and treatment decisions.
Even if you do not have children, an estate plan keeps you in control of what happens to both you and your estate in the future. If you have children in the future, you can revisit your estate plan to update it as needed.