Estate Planning for Dual-Income Childless Households
Households with children utilize estate plans to ensure that their wealth will be secured to be passed on. However, estate plans are not limited to just households with children. Dual income no kids (DINK) households can also benefit from estate plans. Such benefits are as follows but not limited to:
- Balance of personal, financial, and charitable goals – DINKs might hope to have their wealth distributed to other family members, friends, charities or even possibly a beloved pet when the time is appropriate to have their wealth disbursed. For DINKs that are charitably inclined, charitable trusts are an effective way to save on income, secure a monetary benefit, and give to charity.
- Health Care Planning – For a DINK couple, a Designation of Patient Advocate and Living Will documents is important. The Designation of Patient Advocate and Living Will document names a patient advocate to make health care decisions if an individual becomes incapable of making those decisions for him or herself.
- Prevention Exploitation – By establishing early plans DINKs can engage the appropriate parties, such as professionals, friends, or other distant family members to aid in carrying out their plans in order to prevent exploitation from other individuals.
