I have no will, as most of my relatives have passed away.
I do have a few grandkids who live far away.
If I die, who would get my home, money and so on?
My dogs are important, too.
-C.
Dear C.,
Focus on the most pressing issue: You dont have anestate plan.
Thats something even healthy young adults should have, but it becomes more important as you age.
In other words, when you dont document your wishes, your states intestacy laws decide who gets what.
If your grandchildren are your closest living relatives, theyd probably inherit your property after a drawn-out probate process.
You know, so can finally splurge on that diamond-studded dog collar your sassy dogs been eyeing.
And who would you want to make decisions for you if you become incapacitated?
Before you create your estate plan, do a little homework.
Is there anyone you think might be willing to care for your dogs if necessary?
If so, ask them if you could leave your pups to them in your will.
That means they cant inherit money.
If you find a willing caregiver, the best option would be toset up a pet trust.
In exchange for a donation, theyll ensure your pets have lifetime care.
Be sure to ask someone if theyre willing to accept these responsibilities before naming them in a legal document.
Finally, it’s crucial that you decide whom you want to inherit your non-pet property and money.
If youre not close with your grandchildren, they dont need to be your beneficiaries.
You could choose a friend or a charity you admire to inherit your assets.
Are you struggling to cope with financial stress?
First, take a deep breath.
Then, take a look at our roundup ofresources to help you manage your stress and your money.
Once youve made these decisions, its time to create a will and other estate planning documents.
Ideally, youll do so with an attorney.
However, theyre better than nothing.
When you make a run at make too many decisions at once, you often wind up overwhelmed.
Sometimes you dont do anything as a result.
Thats why Id focus on making a will and determining who will care for your dogs first.
Then you’ve got the option to start to weigh the other decisions youre considering.
Try taking baby steps.
For example, you could research a few towns that meet the criteria youre seeking.
Estate planning is a task people put off for obvious reasons.
No one likes to think about dying or becoming seriously ill.
But it can also be clarifying to contemplate what you want for the end of your life.
Once youve made those decisions, you may find the decisions that follow are easier as a result.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
