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Adults of Lake Charles, you should be estate planning

by | Feb 5, 2020 | Estate Planning

Planning for the end of life or unexpected medical events might not be anyone’s idea of fun, but it is still necessary. And while it might not be fun, estate planning does give Lake Charles residents control over their futures even when they cannot actively make decisions. Creating an estate plan is not just for the elderly, either. Virtually every adult at any stage of life can benefit from doing so.

Young people who have only recently entered adulthood probably are not thinking about what will happen when they die or get seriously injured. This mindset overlooks a serious problem — people get hurt all the time. Young adults should be sure to have at least a will and two durable powers of attorney, one for health care and the other for finances. As most people have more personal property then they realize, a will is essential for distributing those assets after death. The powers of attorney give others the legal right to make medical and financial decisions on another’s behalf if he or she cannot do so.

Anyone who is in a serious, committed relationship, getting married or is married needs to look carefully at his or her estate planning documents. In addition to a will and powers of attorney, most people have a few other things to think about during this period of life, such as retirement accounts, life insurance policies and more. This means that just updating existing documents is not enough. Instead, people should also focus on updating account beneficiaries and even living wills, which provide guidance for those tasked with making medical decisions on other people’s behalf.

There is no age limit on estate planning, so all adults in Lake Charles should probably think about carefully considering their needs and wants for the future. However, some people find that this process can be a bit overwhelming. Rather than put off creating a solid estate plan, someone in this situation could consider speaking with an experienced attorney about his or her options.