Estate Planning for DINKS: Child-free Adults

  • Estate Planning
estate planning for dinks child free adults | estate and probate legal group

The term DINK is a slang term for Dual Income No Kids. And often, these child-free adults believe that because they don’t have any children as heirs, they don’t need to set up an estate plan. They’re wrong. It’s important for every adult, even those without kids, to have a plan for what should happen to their assets if they become incapacitated or pass away.

Why An Estate Plan is Important, Even for Child-free Adults

More and more child-free adults in the U.S. are asking for professional advice about spending, saving and investing. They want to leave a legacy for themselves and have something to leave behind when they die.

If you pass away, it’s common for your spouse to receive your assets, but what if you go together? Or your spouse passes away before you? Who do you want to inherit everything you have worked for?

An estate plan is more than just a will. It should include at least these three documents:

  1. Will or Trust
  2. Durable Power of Attorney
  3. Health Care Directive

Your will or trust legally tells who you want to inherit your assets. What should happen to your house, your car or your money when you pass away? If you don’t specify someone, it could all go to the state, or the state will determine who will inherit those assets.

A Durable Power of Attorney is essential once you become an adult. If you become seriously ill, t allows someone to pay your bills and keep your life going until you are back on your feet. This type of Power of Attorney allows you to name someone to make decisions on your behalf if you can’t. Maybe you are in a car accident and are temporarily in the hospital – or become ill during a pandemic!

A health care directive lets you state your wishes about your medical care when you cannot do so. Whether it’s from old age or a freak accident, you can still have a say in your treatment plan. Don’t worry; you can update your health care directive during your life.

Set Up Your Estate Plan Now

Even if you are a part of the Dual Income No Kids population, you still need an estate plan. Working with an experienced estate planning attorney is the easiest way to get started. At Estate and Probate Legal Group, we will listen to what is important to you and help you prepare for your future. We can help write an estate plan for child-free adults.

Oak Brook Estate Planning Attorney

Our estate planning lawyers can advise you on the best options to help you create your will, power of attorney and health care directive. To talk to a qualified attorney in Chicago, contact the Estate & Probate Legal Group at 630-864-5835.

We serve Cook, DuPage, Kane, Lake and Will counties.