Understanding the Basic Documents in an Estate Plan

When most people think of estate planning, they tend to think of those only with wealth or those nearing retirement. In reality, every adult, starting at 18 years of age, can benefit from having a basic estate plan. 

Did you know there are different types of estate planning? At Oriol Law Firm, we guide clients through the estate planning process. We will review the basic documents that are part of estate planning––including a last will and testament, living will or medical directive, and powers of attorney––with compassion and clarity.

Let’s Start with the Best-known Document: a Last Will and Testament. 

Think of a last will and testament as your blueprint for your legacy. With a will, you can name your beneficiaries, choose an executor, and appoint guardians for minor children. Naming your beneficiaries means deciding on the people or organizations who will inherit your estate, and how your property will be distributed among them. When you choose an executor, you decide on a trusted individual who will carry out your wishes or instructions and handle the administration work for your will. 

Appointing guardians for any minor children is also an extremely important part of this process. Imagine having the state decide who cares for your young or dependent children simply because you left no legally binding document to express your feelings about who should be entrusted with their care. However, this can (and will) happen if both parents die intestate, meaning without a will.

Without a valid will, Louisiana’s intestacy laws determine who inherits your estate. While those laws follow a set order of relationships, they might not align with your personal wishes. Having a will gives you control, peace of mind, and a clear roadmap for those you leave behind. 

Your Voice in Healthcare Decisions

A last will and testament speaks for you after you pass, but a living will (also known as a medical directive) speaks for you during life. This document addresses the following: 

• Your preferences about life-sustaining measures such as ventilators or feeding tubes. 
• Guidance for end-of-life care and comfort measures. 
• Instructions that help healthcare providers and loved ones make decisions in line with your beliefs and values. 

Without a living will, family members may be left guessing what you would want in the event that you are unable to speak for yourself. That uncertainty can lead to difficult disagreements during already emotional times. A written medical directive provides clarity and helps to prevent these potential conflicts. 

Planning for the “What If” with Powers of Attorney

Powers of attorney are essential to your estate plan because these documents allow you to appoint trusted individuals to act on your behalf if you become unable to make critical decisions yourself. 

There are two main types of power of attorney agreements in Louisiana: 

• Financial Power of Attorney: Grants someone authority to handle banking, bill payments, real estate transactions, and other financial matters. 
• Healthcare Power of Attorney: Designates a decision maker for medical treatment, procedures, and care plans if you cannot speak for yourself. 

Choosing a person (or people) for these roles is critical. Think of those who you can trust to be responsible and to act in your best interests. 

Why These Documents Work Best Together

Together, these key legal documents create a strong, well-rounded estate plan that protects you and your loved ones in almost any event, including an unforeseen health crisis or accident. Each component serves a distinct purpose, but ensures that your assets are distributed according to your wishes, your healthcare preferences are honored, and only the individuals you’ve appointed can step in to manage your affairs in times of need. 

At Oriol Law Firm, we keep estate planning straightforward and tailored to your unique situation. We can start from scratch or update an existing plan, no matter where you might be in the process. We ensure you have the right documents in place now, so you have peace of mind and can spare your family unnecessary stress later. If you’re ready to begin, contact our team to schedule an appointment.