Many of our clients in Bergen County, New Jersey are successful, single professionals who have never married and have no children. They have a life that is rich with wonderful friends and activities and perhaps a life partner, siblings, and nieces and nephews. The key for these clients is to choose a Health Care Agent, Power of Attorney, Executor, and Trustee who can take care of them and their assets as they age.
There is no clear default of spouse and children in this case. There is also a New Jersey inheritance tax that would be imposed on friends, siblings, and nieces and nephews that can complicate matters. Beneficiaries are often a mix of siblings, nieces, nephews, and charities in the Will, retirement plans, and life insurance beneficiary designations. Although being unmarried with no children may seem simple, these situations in fact present some of the most complex estate plans.
If this describes you, please contact us to get the discussion started.