In the estate planning world, the abbreviation “DINK” stands for “dual income no kids.” There are a growing number of couples in America that are choosing not to have kids. There are many individuals that wrongfully believe that estate planning is only useful creating a plan to secure wealth for future generations. This column discusses the reasons why estate planning is still important for DINK households. An estate plan can make sure that a DINKs personal and charitable intentions about how they want their assets distributed are fulfilled. Without an estate plan a DINK’s assets will be distributed in accordance with the local intestacy laws. It is also important to plan for healthcare expenses and guardianship issues that might emerge. Establishing a long term plan can also help to protect people from the potential for financial exploitation in their senior years.
See Jamie A. Downes, Just the Two of Us: Estate Planning for the Childless Dual-Income Household, Varnum LLP, January 8, 2016.
Special thanks to Jim Hillhouse for bringing this article to my attention.
