Louisiana adults often delay estate planning for various reasons, including assuming they don’t really need a plan at the moment. Long-term planning is important for various reasons, including allowing one to have more control over his or her finances and medical care in the future. Thinking about the protection of future interests is important for everyone age 18 and older.
Why is it so crucial?
Life is unpredictable, and emergencies or an unexpected death can lead complications and expenses for loved ones. An estate plan offers an individual protection, as well as his or her loved ones. The need for a plan is not contingent on age, health or income. Consider the following about estate plans:
- Retirees can adjust plans as their needs change later in life.
- Estate plans offer protection for young adults just starting out.
- Estate plans allow parents to name guardians for young children.
- Adults with significant wealth can have more control over what happens to their money.
It is also crucial to discuss estate plan with family members in order reduce confusion and complications in case of incapacitation or death.
Thinking of the future
It is not always easy or pleasant to think about needs one may have in the future, especially medical needs in the event of incapacitation or the possibility of death. However, long-term planning is important for all Louisiana adults, even if they are young and healthy. When considering what protections may be necessary, it can help to discuss needs, goals and concerns with an experienced estate planning attorney.
