Estate planning when you don’t have conventional heirs

Traditionally, your estate would pass first to your surviving spouse, then your children and grandchildren. But modern life doesn’t always follow the traditional family route. Many people today decide to co‑habit rather than marry, choose not to have children, or prefer to leave their wealth to friends, extended family, or charitable causes. Whatever your personal situation, it’s important to have a plan in place to make sure your estate is passed on exactly as you intend.

1. Think about what you would like to happen to your estate

Begin by reflecting on who or what matters most to you. Your chosen beneficiaries may be extended family members, close friends, or philanthropic organisations that align with your values. Consider whether you would like your entire estate to pass to one beneficiary or be divided between several people or causes. The key is simply to ensure that the outcome reflects your wishes.

2. Prepare a will

Creating a will is an essential step in making sure your estate is handled according to your intentions. Once you have a clear idea of what you want to happen, documenting these wishes formally is the next stage. Without a will, your assets will be distributed according to local intestacy rules, which may differ from your wishes, particularly if you do not have an obvious heir. It’s also important to ensure your will is valid in your country of residence as well as having wills in each jurisdiction you own assets, as legal processes and inheritance rules vary widely across jurisdictions.

3. Appoint an executor

Your executor will be responsible for carrying out the instructions in your will, from distributing your assets to managing or selling property if needed. Choose someone you trust and who you believe can manage these responsibilities with utmost care and the right level of attention. This does not have to be a family member, many people select a close friend or appoint a professional executor for added peace of mind and impartiality.

4. Speak to a wealth planner

If you choose not to marry or pass your wealth to a traditional heir, working with a wealth planner becomes even more important. Many countries offer financial or tax advantages to married couples or direct descendants, which your chosen heir may not benefit from, so understanding the implications of your choices will help you make informed decisions. A wealth planner can help you build a complete picture of your financial position, consider longer‑term implications, and introduce legal and tax specialists where appropriate to ensure your estate plan aligns with your goals as well as local tax rules.

5. Review your plan regularly

Your circumstances, priorities, and relationships may change over time, and your estate plan should evolve with them. Revisit your plan and your will regularly to ensure it continues to reflect your wishes and personal situation.

Even if you don’t have a traditional heir, a little thought and the right guidance can help you shape a plan that truly reflects what matters to you, giving you confidence and peace of mind about the legacy you’ll leave behind.

For more information, please speak to your private banker or get in touch.