Conversations about future planning often center on people with children. But adults without children – a steadily increasing U.S. demographic – have just as many unanswered questions and just as much at stake.
It's not uncommon for single, widowed or child-free adults to avoid estate planning altogether as it can be a difficult, sensitive process.
But as it turns out, opting out isn't really possible, according to Ashley Weeks, Wealth Strategist at TD Wealth®.
"Everyone has an estate plan; if you don't choose it yourself, the government will choose it for you," he said. "So, your plan is either one you've thoughtfully created or whatever default rules are in the state where you happen to live when you die."
Those laws, often decades old, don't always match modern family or relationship structures. If someone dies without a will, many states will follow a strict hierarchy for inheritance that include spouses, children, parents, siblings, grandparents, aunts, uncles and cousins. For adults without children, it could mean assets drift upward to elderly parents or outward to distant relatives, including ones you may barely know or don't know at all.
"There's even a term for it — ‘laughing heirs’ — people who inherit from someone they never met and are thrilled to have the money," Ashley said.
Even if assets ultimately end up where you intended, the process can become drawn out, expensive and very public. A surviving spouse, partner or loved one may be forced to go to court, get appointed as your administrator and navigate a bureaucratic mess. This scenario can be avoided with the simplest estate documents.
The harder question often is who makes decisions for you when you are alive
When people think about estate planning, they think about what happens after death. But for individuals without children, the more urgent issue is often what happens during life, especially if they become ill, incapacitated or suffer from dementia.
"If you become incapacitated, hopefully someone you trust will step in," Ashley said. "But without documents in place, they'll have to go to court. That's expensive, it's public, and it leaves you vulnerable."
For single adults and couples without children, selecting a decision maker can be a daunting process. Among the questions that need to be considered:
- Who should hold my medical power of attorney?
- Who can manage bills, taxes or long-term care decisions?
- Who can be trusted to act solely in my interest?
Medical and financial decision making often call for different skill sets. For medical decisions, the best choice is usually someone who:
- Shares your values
- Understands your wishes about end-of-life care
- Can communicate clearly with doctors
Financial roles, such as power of attorney, trustee or executor, require someone who:
- Is responsible with money
- Understands basic financial management
- Can communicate with multiple beneficiaries or stakeholders
Sometimes the best choice is not a friend or relative at all. "We often tell clients they may want to explore professional fiduciary," Ashley said. "They're impartial, they follow the rules, and they don't stand to gain or lose everything based on the choices they make. For many adults without children, that level of independence is actually a comfort."
One option is to hire a care management firm, a professional company that focuses on health care proxy/power of attorney and functions as a professional medical decision-maker Healthcare providers and financial advisors may be able to provide recommendations for options to explore.
Privacy, nonprofit donations, and, yes, pets
Money brings out strong emotions, even among the closest families. Estate planners often see these dynamics.
"Some relatives are tactful, and some are less so," Ashley said.
For those who prefer privacy, a revocable trust is often recommended because it keeps inheritances confidential and avoids the public probate process. Others include "no-contest clauses" that strip inheritances from anyone who challenges the will.
"Emotions run high around inheritance," Ashley said. "Having a clean, private plan prevents a lot of conflict."
Another important area to consider: your pets. In recent years, many states have adopted laws allowing formal pet trusts, ensuring animals receive care and their caregivers receive the resources to provide it. For people with beloved pets or larger animals like horses, this can be essential to make sure that your animal family member is taken care of in the way you would want it.
Without natural heirs, or legalese for direct descendants, individuals without children often have more freedom and potential impact when it comes to legacy planning. "If you're passionate about something, such as the environment, supporting veterans or protecting animals, you can leave a meaningful legacy to a nonprofit organization," Ashley said.
This can include:
- Leaving retirement assets to a nonprofit organization
- Creating charitable remainder trusts
- Setting up lifetime financial gifts with tax benefits
"In many ways, individuals without children have even more control and flexibility. But that is only if they make a plan," Ashley said. "Estate planning isn't really about death. It's about making sure your life and everything that matters in it is handled the way you want."
Here is a checklist for individuals and couples without children to begin estate planning:
- A will or revocable trust
- Healthcare power of attorney
- Living will/advance directive
- Financial power of attorney
- Beneficiary designations (retirement accounts, life insurance)
- Trusted decision makers or a professional fiduciary
- Pet plan or trust for pet owners
- Charitable giving strategy
- Social Security "representative payee" designation
- A conversation with a qualified estate planner
TD Wealth® Important Information
TD Wealth® is a business of TD Bank N.A., Member FDIC (TD Bank). Banking, investment management and trust services are available through TD Bank. Securities and investment advisory services are available through TD Private Client Wealth LLC (TDPCW), a US Securities and Exchange Commission registered investment adviser and broker-dealer and member FINRA/SIPC. Epoch Investment Partners, Inc. (Epoch) is a US Securities and Exchange Commission registered investment adviser that provides investment management services to TD Wealth. TD Bank, TDPCW and Epoch are affiliates.
Capital market expectations are estimated projections of general market performance and economic conditions and are not intended as an offer or recommendation to invest in a specific asset or strategy or as a promise of future performance. The views expressed are subject to change without notice based on economic, market, and other conditions. Information and data provided have been obtained from sources deemed reliable but are not guaranteed.
The information contained herein is current as of January 2026 and is for educational purposes only. All expressions of opinion are subject to change without notice based on shifting market conditions. It is general in nature and not intended for as a recommendation for any specific investment product, plan, strategy, or other purpose. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed.
The policy analysis provided in this article does not constitute and should not be interpreted as an endorsement of any political party.
By receiving this information, you agree with the intended purpose described above. Any examples used in this communication are generic, hypothetical and for informational purposes only. TD Wealth® and its affiliates and representatives do not suggest that the recipient take a specific course of action or any action at all. TD Wealth® and its representatives do not provide legal, tax or accounting advice. Prior to making any investment or financial decisions, an investor should seek the individualized advice of their personal financial, legal, tax and other professionals that take into account all of the particular facts and circumstances of an investor's specific situation. TD Wealth® and its affiliates are not liable for any errors or omissions, and you understand that TD Wealth® is not responsible for any loss sustained by any investor who relies on this communication be suitable for all investors.
Investing in securities involves risk of loss that clients should be prepared to bear. The investment performance and success of any particular investment cannot be predicted or guaranteed, and the value of a client’s investments will fluctuate due to market conditions and other factors. Investments are subject to various risks, including, but not limited to, market, liquidity, currency, economic and political risks, and will not necessarily be profitable. Past performance of investments is not indicative of future performance. Diversification is not a guarantee against loss.
TD Bank and its affiliates and related entities provide services only to qualified institutions and investors. This material is not an offer to any person in any jurisdiction where unlawful or unauthorized. No part of this publication may be reproduced in any form, or referred to in any other publication, without express written permission. All rights reserved. All trademarks are the property of their respective owners. The TD logo and other trademarks are the property of The Toronto-Dominion Bank or a wholly-owned subsidiary, in Canada and/or other countries.
©2025, TD Bank, N.A.