For most people, estate planning just means leaving their assets to their children. When deciding who should make medical decisions for them and who should handle their financial affairs at the end of their lives, they also pick children.
But what if you do not have any children? That makes these decisions more difficult, but you do still have options.
For instance, many people just pick their favorite charities. They start to think of all of the good they can do after they pass away. They get excited about leaving a legacy behind. It may not help their family, but it can help someone, and they can find a cause that focuses on what they are passionate about.
Others opt to create scholarships. These can pay for graduates at their old high school to go to college, for instance. They give people financial freedom and open doors that they could never have opened on their own.
One thing that is enticing to some individuals is to get started early. They do not necessarily have to wait and leave their money in a will. They can start setting up foundations, creating charities and giving gifts in advance. They often enjoy this because they get to see some of the impact for themselves, rather than just imagining how it will play out after they are gone.
This can give you some ideas about what to do with your money, but you still face a lot of complex questions. Make sure you really take the time to sit back and think about all of your options and what you want to accomplish.