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I am a single 40-something woman, and my mother recently passed in October. I have an older brother and sister, and they are both married with kids. The three of us will be splitting the inheritance equally.
I’m more aware than ever that I will have to make a will myself now. My siblings insist that I should be leaving my estate to their children, and I was rather taken aback. Should I be obligated to leave my money to my nieces and nephews because I chose not to get married or have children? Any advice?
-Where Should I Leave My Money?
Dear Where,
Your brother and sister have some real nerve. You’re not obligated to leave your nieces and nephews a penny if you don’t want to. The entitlement some people feel surrounding inheritances will never cease to astonish me.
You get to decide what happens to your money and property when you die. Often the people we hold dearest aren’t blood relatives. If you died tomorrow, where would you want your money to go? To a close friend or significant other? A favorite charity? Your alma mater? Your pets? (Animals can’t actually inherit money, but many people set up a pet trust to ensure their furry pal’s ongoing care.)
But without a will, your state’s intestacy laws will determine who gets your property. If your parents are both deceased, your siblings would probably get your money and belongings. If you outlive your siblings, a court would distribute your estate to whomever it determines is your next of kin. That very well may be your nieces and nephews. So please don’t delay making a will, even though you’re relatively young.
While it’s important to have an estate plan for when you die, let’s talk about your estate plan for while you’re still alive. Specifically, who would you want making decisions for you if you became incapacitated?
Estate planning looks a lot different for single, childless people like you and me than it does for our married counterparts….
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