Life has a way of throwing curve balls. There may be times when the unforeseen happens and it’s best to be prepared for those just-in-case moments. It’s most likely safe to say that the last thing on younger people’s minds in Louisiana is estate planning, but that shouldn’t be the case. Even when life is busy and the under 40 set is living it to the fullest, it may be wise to have estate documents in place, especially when young children are part of the family dynamic.
Many people also make the mistake believing that estate planning is only for those with copious amounts of wealth. Not so, say the experts. In fact, those with fewer assets should definitely think about things like life insurance, writing a will and naming a power of attorney. A will is especially important since it will document what is to be left to whom.
As with many things associated with the end of life, few young people think about purchasing life insurance. But, it does make sense not only for beneficiaries, but for retirement when dividends can be used. A life insurance policy would also protect family members financially should something happen to the primary bread winner. An estate plan is also necessary should the person become unable to work or if he or she is unable to make decisions. Making a durable power of attorney part of an estate plan may be worth looking into.
A Louisiana lawyer may be able to provide insight into the documents needed for well-rounded estate planning. Young people may benefit from the legal knowledge an attorney can provide. Those facts might come in handy when it comes to making decisions further down the line.
Source: quicken.com, “Estate Planning Tips for People Under 40“, Accessed on May 25, 2018