Childless

How do I choose beneficiaries for my trust if I don't have children?

Without children, you have several beneficiary options for your trust. You can name siblings, nieces and nephews, close friends, or charitable organizations as primary beneficiaries. Many childless adults create a tiered system with immediate family as primary beneficiaries and charities as contingent beneficiaries. You can also specify different assets go to different beneficiaries - for example, leaving your home to a sibling and retirement accounts to a favorite charity. The key is being specific about your wishes and keeping beneficiary designations updated as relationships change over time.