Since the nineteen eighties there has been a growing trend towards married couples either putting off having children, or choosing not to have them at all. Many people call these married couples without children, DINKs; an acronym which stands for “dual income no kids.” And as you might expect, estate planning for DINKs can be very different than planning for “traditional” married couples.
For one thing, “traditional” married couples often plan with the intent of leaving the bulk of the estate to their children. Whereas DINKs (not having children of their own), are free to leave assets to family, friends, charities, all or none of the aforementioned.
DINKs are also expected to enjoy keeping more money in their youth. While their “traditional” married couple counterparts are expected to incur greater expense by paying for child related items and services such as diapers, school supplies and daycare.
“Traditional” married couples hold one distinct advantage over DINKs however. In regards to choosing their agents (people who make either financial or health related decisions for them if they become incapacitated). “Traditional” families often rely on their children to serve in these roles. This isn’t to say DINKs are without options. In fact, they have all the same options as married couples … minus one.
Still, where they may differ, “DINKs” and “traditional” married couples have one thing in common. They can both benefit from estate planning even if how they plan is very different.
For more information about wills, trusts or other estate planning documents, please contact a qualified estate planning attorney.