Establishing a comprehensive estate plan may seem like a daunting proposition at first, especially if you've accumulated a significant amount of assets throughout your life. Because the process seems so complex, the attorneys at PoindexterHill, P.C. in Waynesboro, VA, are here to explain the most crucial steps of successful estate planning.

Write a Will

When it comes to the distribution of assets, a will is one of the only ways to ensure your wishes are respected after you're gone. Think carefully through your belongings and decide how you would like them to be divided—including the emotionally significant or valuable items that may cause friction among surviving family members. In some cases, your estate planning attorney may recommend a living trust instead of a will, a strategy that could save your beneficiaries a great deal of money.

Name Your Beneficiaries

Some assets aren't distributed in your will—they have their own inheritance procedures. For instance, most bank accounts, inheritance accounts, and life insurance policies go to the beneficiary you name in the financial institution's forms. Check to ensure this information is current, and remember to review it periodically should it require modification.

Create Powers of Attorney

Depending on your financial and personal situation, you may need to empower several people to fulfill different functions on your behalf. For example, you might want to grant your spouse the authority to sell your joint possessions, but give your business partner the ability to engage in new contracts and manage your interests should you become incapacitated. An estate planning attorney will help identify your needs and create powers of attorney that give your loved ones the authority to represent your interests.

Since 1976, PoindexterHill, P.C.'s attorneys have provided reliable legal services to clients throughout the Shenandoah Valley. Visit their website to learn more, or call (540) 943-1118 to consult with an estate planning attorney today.