The benefits of having an estate plan can help many Louisiana residents and their families. Though some individuals may think that because estate planning typically falls into the category of elder law that young people do not need such a plan. However, any adult could have reason to move forward with estate planning.
The main reason for creating an estate plan that comes to most people’s mind involves distributing assets. It is true that having a will or other document in place could help streamline the process of asset distribution and ensure that the desired parties obtain the appropriate property. Without a plan, distribution would be carried out in accordance with state law, which could result in undesired individuals ending up with important property.
Additionally, parents of any age can benefit from having an estate plan. A will allows parents to name a guardian for their kids in the event of the parents’ deaths. If such a designation has not been made, the kids could end up in the care of someone the parents did not deem acceptable. Unfortunately, after death, it would obviously be too late to take action to avoid such a predicament.
Though categorizing estate planning as a part of elder law is important because it can address many necessary life aspects for older individuals, this designation should not deter younger Louisiana residents from planning as well. They can address property distribution, guardianship, long-term care and other end-of-life wishes that may be needed unexpectedly. Consulting with experienced attorneys could help interested individuals create the best plans for their circumstances.
Source: thestreet.com, “As Americans Blanch at Estate Planning, Financial Advisors Need to Spur Clients to Action“, Brian O’Connell, April 12, 2017