American retirees are expected to transfer more than $36 trillion to families, friends, nonprofits, and other beneficiaries over the next 30 years. Many individuals understand the importance of estate planning in creating future opportunities for their wealth that align with their values.
Besides designating where assets should go, estate planning creates a seamless process to execute a client’s wishes, removing any hesitations or second-guessing that may naturally arise with the loss of a loved one.
For individuals without heirs, a detailed estate plan is the best way to ensure their wishes are followed after death. 43% of Americans over the age of 54 are concerned that they lack an advocate to look out for their best interests as they age. A concrete, documented estate plan with named representatives can provide peace of mind as one ages.
Why a Client with No Heirs Needs Estate Planning
When people think about estate planning, they often imagine passing wealth on to children or other family members. But the truth is, estate planning isn’t just for those with heirs—it’s for anyone who wants a say in how their legacy is preserved and how decisions are made if they become unable to act for themselves.
A thoughtfully designed estate plan offers more than asset distribution—it provides peace of mind. It empowers individuals to decide who will manage their affairs as they age, what happens to their assets after they pass, and who will advocate for their wishes when they can no longer advocate for themselves. With the guidance of a qualified estate planning attorney and the right support team, individuals can ensure their needs and values are respected every step of the way.
For those without close family or heirs, naming a corporate executor, co-executor, trustee, or co-trustee can offer stability, continuity, and trusted oversight.
Why Choose a Corporate Fiduciary?
Partnering with a corporate fiduciary like Cumberland Trust provides key advantages:
- Constant Availability: Unlike individuals, a corporate trustee or executor is made up of a team of professionals—always present, never unavailable due to illness, personal matters, or other obligations.
- Specialized Knowledge: Corporate fiduciaries bring a deep understanding of trust and estate administration, tax compliance, record-keeping, and fiduciary responsibilities. They help prevent errors and ensure smooth administration.
- Built-in Accountability: Corporate fiduciaries are held to high standards, with oversight from regulatory bodies and regular audits to ensure transparency and responsible administration.
Dignity, Care, and Continuity—Without Relying on Family
Cumberland Trust supports clients with no immediate family on which to depend. In one case, a woman who had lost both her husband and son needed support for both her estate and to care for herself.
With Cumberland Trust serving as trustee, the client enlisted a care management agency to serve as her healthcare Power of Attorney and retained a local attorney as her financial Power of Attorney. Together, this team made decisions in her best interests—from deciding when it was time to transition to a care facility, to ensuring her two beloved dogs found a new home.
This type of planning doesn’t just protect assets—it safeguards quality of life and peace of mind.
For clients without heirs, estate planning is an opportunity to maintain control, uphold dignity, and ensure one’s wishes are honored. With the support of a trusted partner like Cumberland Trust, clients do not have to navigate times of change or loss alone.
Where Should the Wealth Go?
When a client does not have immediate family, a lack of estate planning can leave their legacy—and their assets—at risk. Clients often ask, “What happens to my assets if I have no beneficiaries?”
Without a plan in place, two outcomes are possible:
- A distant relative inherits. Before the state steps in, efforts are made to locate any living relatives—even those the individual never knew or would not have chosen to receive their estate. Without clear instructions, someone with no personal connection could become the unexpected beneficiary.
- The state claims the estate. If no legal heirs are located, the state assumes ownership of the assets. Once this happens, the individual’s values, wishes, and priorities are no longer considered.
Without clear, well-documented direction, a person’s hard-earned assets may go to an unknown individual or to the state, stripping their legacy of purpose and personal meaning.
Thoughtful Planning Offers Purposeful Giving
Even clients who have family members often choose to direct part, or all, of their estate elsewhere. When clients have the opportunity to make intentional decisions about where their wealth goes, their estate becomes a reflection of their values and the people or causes that shaped their lives.
Here are some of the most common choices clients make when planning their legacy:
Charities & Nonprofits
Charitable giving is a powerful option for those passionate about giving back. Whether through a charitable remainder trust, donor-advised fund, private foundation, or direct gift, individuals can support the causes they care about most.
Educational Institutions & Community Organizations
Clients often choose to give back to their alma mater or an organization that played a meaningful role in their lives. These gifts can support scholarships, research, community programming, or capital advancement projects that create a lasting impact.
Caregivers, Personal Assistants & Trusted Friends
For individuals without immediate family, it’s often the people who show up day after day—caregivers, household staff, or lifelong friends—who become chosen family. Many clients elect to share their estate with these trusted individuals as a way to express appreciation and ensure their continued well-being.
Find a Partner to Help with Your Estate Plan
Cumberland Trust coordinates with estate planning attorneys as a collaborative, non-competitive partner, focusing on clients’ best interests.
As an independent, corporate trustee in an optimal trust jurisdiction, we provide:
- Independent, high-touch service. Our directed trust model separates investment management from trust and estate administration, providing ultimate collaboration and unbiased services while minimizing conflicts of interest.
- Professional governance and accountability. We’re regulated and held to a high fiduciary standard. This accountability assures neutrality, transparency, and professional governance.
- Tailored client experience. No need to settle for a one-size-fits-all approach to trust and estate administration. Serve your clients with trust solutions based on their specific financial needs and family dynamics.
By proactively planning how their estate will be distributed, clients can control their legacy, avoid unintended consequences, and ensure their wealth continues to make a meaningful difference, long after they’re gone. Contact Cumberland Trust to learn more about how we can partner to help your clients meet their estate planning goals.