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Estate planning is not just for the wealthy

When a Louisiana adult considers the benefits of estate planning, he or she may assume that this is only something that is necessary for those who are wealthy. In reality, thinking about and planning for the future is a step that benefits everyone, regardless of age, health or income level. This is a practical way for any adult to decide what happens to his or her property and with health care decisions.

Essentially, much of estate planning is just deciding how to transfer assets to someone else at some point in the future. This may not seem like a big deal for those who do not have many valuable assets and high income levels, but experts suggest it is especially important for those who do not have much. Without a will and other basic estate planning documents, state laws will determine what happens to a person’s stuff.

This process is easier with the help of an experienced legal professional. Additionally, it is beneficial to check and update documents every two to three years, or sooner as warranted. Significant life changes, such as a divorce or remarriage, necessitate changes to an estate plan. Additionally, it is prudent to use certain estate planning tools for tax savings and benefits.

Estate planning is not just for the wealthy or those with valuable assets, but it can be a complex process. Before making any decisions that could impact the future, it will be helpful to discuss plans with a Louisiana attorney knowledgeable in estate law. An assessment of the individual estate and financial situation will reveal what steps are necessary.