Share:

Estate planning refers to the act of making various personal, legal, and financial arrangements that will go into effect after your death. Drafting even the most basic estate planning documents will help you protect your family’s financial security long after you are gone. If you want to create a will or trust but you’re not sure how to get started, turn to an attorney at PoindexterHill, P.C. in Waynesboro, VA.

Here, they discuss what estate planning is and what it entails:

Documents

estate planningA will is the most basic estate planning document, and everyone should have one. Even those who do not possess significant assets benefit from creating one and updating it periodically. It allows you to establish guardianship of your children, bequeath assets and treasured possessions to your loved ones, state any funeral or burial preferences, and name a caretaker for your pets. In a durable power of attorney, which is often combined with a living will, you can also state any medical requests regarding end-of-life care.

Probates & Trusts

All assets that are passed through a will must go through the probate process first. If you have significant assets that you want to leave to certain beneficiaries under specific circumstances or you want to help your family avoid a lengthy probate, you might consider creating a trust. You can transfer assets to a trust while you are still alive, so they do not have to go through the probate process upon your death.

Advantages

The greatest advantage of estate planning is the peace of mind it will give you. Life is unpredictable, but when you take a proactive approach to estate planning, you ensure your family is taken care after you pass, that your last wishes are carried out, and that those who are most deserving will receive the assets you intend for them. If you pass without having created a will, your property will be distributed according to Virginia’s laws of succession, which is not necessarily what you want.

If you need to create or update your will, turn to PoindexterHill, P.C. in Shenandoah Valley. As one of the most respected firms in the area, even other lawyers go to them for legal counsel. You can learn more about the estate planning services they provide by visiting their website. To schedule an initial consultation with a seasoned lawyer who will ensure all your last wishes are legally binding, call (540) 943-1118.

tracking