Creating a plan for the future can be a complex and emotional process, and it can be a daunting task for one unfamiliar with estate law. While each estate plan is different, there are specific documents that could be important for every adult interested in protecting his or her long-term legal and financial interests. With the right documents, a Louisiana adult can have a sense of security knowing that he or she has control over assets, finances and even potential medical decisions one may face in the future.
The building blocks for a strong plan
There are a few basic documents that are useful in virtually every type of estate plan. A will is a basic estate planning tool that allows one to decide what will happen to his or her personal assets after passing. Other important estate planning documents and tools include the following:
- Heath care power of attorney and living will, two documents that work together to allow one to control medical decisions in the event of incapacitation
- Revocable trust, a tool that allows one to set aside and protect assets for a specific purpose
- Durable power of attorney, a document that appoints a specific party to make legal and financial decisions on one’s behalf in case of incapacitation
Composing a guidance letter to the family can also be helpful for those who will be tasked with settling the estate.
Future interests and security
Estate planning is a vital step for virtually every Louisiana adult. It may be helpful to speak with an estate law attorney in order to understand how these specific documents can play an important role in a complete plan. Peace of mind for the future is possible with the right documents in place.