It’s common for single Louisiana residents to skip out on estate planning until the last minute. Estate plans are typically created for the older generation to pass down their belongings to their children or grandchildren. But, as a single individual, you may not have that.
Even if you don’t have children, you may have other people to whom you want to pass things down – such as nieces, nephews, or even siblings. And there are plenty of reasons not to wait until the last minute.
Importance of estate planning at any age
The truth is, you don’t know what’s going to happen. If the worst should happen and you don’t have an estate plan, all your things would go through probate.
Sometimes all your belongings would go to your next of kin – your parents, a sibling, etc. However, the probate process could take a while without an estate plan. And if you don’t have any direct next of kin, your belongings might not go anywhere.
Even if you have parents and siblings, things can get complicated if they live far away and you don’t have an estate plan on file. This estate plan would allow you to provide contact instructions to your friends or the state.
Acting sooner rather than later
Starting your estate plan when you’re young and revisiting it as you grow is considered the best practice. The first step for many individuals will be writing out a last will and testament.
Even when your things go through probate, having a will can make the process much quicker. When you start estate planning young and revisit it often, you can make any changes – like adding assets or removing an ex as a beneficiary.
Estate planning on a larger scale
If you have a larger estate, you may need more estate planning tools. In addition, as you grow older, you may consider adding more documents that appoint power of attorney and lay out advanced health care directives.
Estate planning can be a big undertaking. So it’s no wonder many singles put it off for so long. But starting early can save your loved ones a lot of grief when the time comes.