It can be difficult to think about and plan for the future, especially when one does not see the need for it. Young people in Louisiana may believe that because they are young and healthy that they don’t need an estate plan, and older people may assume they don’t need one because they aren’t wealthy. In reality, there are benefits to having a plan for the future for the young and old.
A plan for all ages
It is possible to create an estate plan uniquely suited for the individual needs and objectives of the individual. As a person ages and life changes occur, his or her estate plan can change as well. Plans can be adjusted with needs, such as after the birth of a child or a divorce.
Young parents will benefit from a will that will name a guardian in case they pass or are unable to care for their kids. Older individuals may benefit from establishing different types of trusts to help them accomplish their financial goals. Louisiana adults of any age may benefit from drafting advance medical directives in case of an emergency and incapacitation.
Each estate plan is different, and each individual should consider choices that make sense now and for the foreseeable future. When life changes occur, changes to plans may be necessary. Having a plan for the future is important at any age, and an assessment of the individual situation can help one see what specific steps may be beneficial for his or her goals and needs.