What document establishes the wishes regarding the distribution of a person's estate?

The last will and testament is a legal document that allows an individual to articulate their desires regarding the distribution of their estate upon their death. This document serves several important functions: it allows individuals to designate beneficiaries for their assets, appoint guardians for minor children, and specify any other last wishes, such as funeral arrangements.

A last will and testament must be executed according to specific legal formalities, which vary by jurisdiction, to ensure that it is valid and enforceable. Once properly executed, it provides clear instructions that guide the probate court in administering the estate and executing the decedent's wishes, thus reducing the potential for disputes among surviving family members and other interested parties.

In contrast, a living will primarily addresses a person's wishes regarding medical treatment in the event they become incapacitated but does not cover the distribution of their estate. A testament is not a commonly used term in this context and may cause confusion as it is often considered synonymous with a will. A power of attorney grants authority to another person to act on one’s behalf in legal or financial matters, but it does not dictate how one's estate should be distributed after death.