Many Louisiana adults overlook the importance of planning for the future because they don’t see the need for long-term plans. Younger adults may not have significant wealth or children, and it can be easy to overlook the need for an estate plan. Regardless of age, income or health status, estate planning offers benefits to all adults. In fact, having an estate plan is a way to demonstrate care and concern for loved ones.
No one can predict the future, and an accident or other unexpected event can happen to individuals of any age. Estate plans allow one to outline preferences for asset distribution after death and health care preferences in case of incapacitation. This removes a significant burden from loved ones, protecting them from difficult and emotional decisions that can bring stress, disputes among family members and additional grief. Planning well can both protect and provide for heirs and family members.
What is your vision of the future?
The right approach for your estate plan depends on your individual needs and objectives. The best plan starts by creating a vision for your future, deciding which things are most important to you. For example, you may want to leave money for a minor, or you may want your estate to contribute to a charity after your passing. Your goals will inform the specific documents you need, but a will and health care directives are common in most plans.
A trust can also provide additional control and protection for assets with which you want to accomplish a specific goal. Regardless of what you want to do through your estate plan, your primary goal may be to provide for your loved ones and protect their interests. This is why important life changes, such as a marriage or the birth of a child, likely necessitate updates to your estate plans.
Don’t wait for tomorrow
The unpredictability of life is only one of the many reasons why you would be wise to act quickly to develop a strong estate plan. This provides you with important protections you may require, as well as the ability to control important and sensitive matters like your health and potential medical needs. Consider your estate plan a way to help yourself and care for the people who are most important to you.