When considering the long-term legal and financial plans one may need, it is common for some to assume they are really only necessary for Louisiana adults who are married and have children. In reality, unmarried adults will benefit from the protections provided by having a thoughtful and carefully drafted estate plan in place. Planning for the future is a prudent step for adults of any marital status.
An estate plan for those with unique needs
Single adults may have unique planning needs that should be considered when creating an estate plan. For example, a single adult may find that the focus on what will happen to his or her property after death is less important as there may not be as many beneficiaries. Instead, the emphasis may be on the following:
- Unmarried people need a health care power of attorney and a living will.
- Single adults may also need to create financial power of attorney.
- Unmarried individuals may also need to plan for long-term care or disability.
In case of incapacitation, a single adult may not have a partner to communicate wishes and make decisions. These documents allow an unmarried adult to name someone to act on his or her behalf.
A unique plan for unique needs
Each person has different goals for the future and concerns about what could happen long-term. Any Louisiana adult, unmarried or married, will benefit from an assessment of his or her personal circumstances in order to understand what estate planning steps will be best. Creating the right plan starts by considering any unique factors that could impact the overall strategy and implementation of the plans.