Neglecting to create a Louisiana estate plan leaves quite a bit up to chance. On the flip side, creating even the most basic estate plans helps ensure that you have a say in what happens to your life and legacy – regardless of how sizable that legacy might be.
Contrary to popular belief, Bankrate notes that most people should be able to create solid estate plans that include three main components: a will, an advance directive for health care and a power of attorney.
Wills
You may use your will to outline where you want your assets going when you die. Beyond that, though, you may also use a will to name a guardian who would assume responsibility for any minor children you may have in the event of your death.
Advance directives
Louisiana recognizes several different types of advance medical directives, all of which help you dictate what you want when it comes to your medical treatment and care. You may use different advance directives to say what types of treatments you want and under what circumstances. You may also give someone else the authority to make medical decisions on your behalf if you suffer incapacitation.
Powers of attorney
A power of attorney, or “mandate,” gives someone you name the authority to make certain decisions in your interests. These decisions might be financial or medical in nature.
Having these three components included in your estate plan benefits not only you but your loved ones. You may always supplement the plan later using other estate planning tools if you wish to do so.