Long-term planning is an essential step for Louisiana adults of all ages, especially for those who are new parents or beginning to build their own wealth. Millennials of any net worth will benefit from having a legal and financial plan for the future by implementing certain estate planning tools. For many in this specific demographic, it is an ideal time to put certain protections in place and consider future interests for themselves and their children.
What steps are necessary?
There is no one-size-fits-all solution to estate planning. Every plan should be custom-tailored to the needs and objectives of the individual. For millennials who are new to the estate planning process, the following steps may be helpful:
- Discuss estate planning with parents, especially if there will be an inheritance in the future. This allows a millennial to plan better and more effectively.
- Consider the needs of children, including potential guardianship needs and financial needs in case of a contingency in the future.
- Discuss potential issues and estate matters that could arise after the death of parents with adult siblings.
Planning well for the future can start with a few open and honest conversations. This can lead to better, stronger and more effective estate plans for millennials.
The right guidance is key
When making a plan for the future, having the right guidance is key. It is helpful to work with an experienced Louisiana attorney from the very beginning of this process. Whether a millennial is developing new plans for the future or updating existing plans, there is significant benefit in having knowledgeable guidance at every step.