People who are busy with life, families and enjoying making memories rarely think about all that coming to a screeching halt one day. But at some point Louisiana residents should take time out of their busy lives to plan for the inevitable and that means devoting some time to estate planning. Estate plans aren’t only for people in mid to late life, nor do they consist of just having a will. In fact, people in all stages of life would do well to have a comprehensive plan in place.
Even young people who have just completed their educations might think about having a plan. Of course it would be different from those who have a number of assets amassed, but it could still include a will, durable powers of attorney for health care and finances. When marriage or cohabitation is on the horizon, having an estate plan becomes even more important and documents — along with those already mentioned — could include life insurance, an advance care directive and updated beneficiaries in a will.
The necessity of having an estate plan when children become part of the pictured is bumped up even further. In this case documents should also include who would become guardian of minor children if parents are no longer able to fulfill that obligation. A testator will want to ensure the person so named will have the best interests the children at heart.
A Louisiana lawyer can help make estate planning less daunting by helping a client to fashion a comprehensive plan at whatever stage of life a client is experiencing. A lawyer can explain complex terms like probate and how a plan can fit with a client’s financial picture. An attorney can also help update a plan as the client’s life changes.