Estate Planning for DINKs

DINK is estate planning lingo for dual income no kids. As Jamie A. Downes points out in her article: Just the Two of Us: Estate Planning for the Childless Dual-Income Household, childless couples where both spouses work are becoming more prevalent.

These couples are often looking to pass their assets to friends, charities or even a pet. Without estate planning such as a Will or Trust in place, their assets will pass according to state law which does not allow for any assets to go to friends, charities or pets.

Another advantage to DINKs putting in place an estate plan is to allow the designation of an agent under a Power of Attorney for Health Care. This agent has legal authority to make health care decisions for the individual (principal) who created the Power of Attorney. Most people with children name a child as an agent after their spouse dies. DINKs do not have this option. This makes the creation of a Power of Attorney for Health Care even more important.Consult your estate planning attorney for further information.