Far too many people feel that they are obligated to leave money behind to their loved ones. It’s important to realize that you are not obligated or responsible for leaving behind any assets for your loved ones.
Even though you might feel an inherent sense of duty because this tradition has been carried down throughout your family or because you see many other people approaching the estate planning process in this way, it is not your responsibility to hand down assets to your siblings or to the next generation. One of the most important things to bear in mind about estate planning is that it is your choice.
You certainly can pass along assets but it is very rarely a requirement unless you do have minor children. There are many meaningful options that can go beyond simply leaving behind assets for your loved ones. If you have other plans, for example, like giving your money to charity, you can consult with an experienced estate planning attorney to learn more about how this could benefit you as well as the charity. You are certainly not tied down to passing money to your family alone and speaking with an estate planning attorney today will give you a better overview of what you can expect and what you need to know about this important process.