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Like most people, you’ve probably spent a great deal of your energy on building wealth and providing for your family; but, what will happen to those assets after you’re gone? Who will make medical decisions if you’re unable to communicate or manage your finances if you’re mentally or physically incapacitated? Comprehensive estate planning gives you control over your belongings, ensuring your wishes are respected.

5 Benefits of Estate Planning

1. Controlling the Division of Assets

estate planningYou might believe that your family clearly understands how you want your belongings distributed after death; but, without a will, the probate court will likely make these decisions for you. Writing a will or establishing a trust gives you the opportunity to control who receives your assets after you’re gone, making your wishes legally enforceable.

2. Avoiding Probate

If you have property in multiple states or significant assets, the probate process can be long and expensive, especially if any of your heirs challenge the will. Putting your assets in a trust allows you to bypass probate entirely, preserving wealth that can be passed on to your heirs.

3. Preventing Family Conflict

Disputes over a loved one’s estate, or even sentimental items with no commercial value, can open deep rifts that often tear families apart. If you’ve prepared a will and an advance medical directive, your family members will be more likely to accept your decisions — even if they disagree with them.

4. Empowering Those You Trust

A comprehensive estate plan should include durable powers of attorney, giving those you trust the legal authority to act on your behalf. For instance, you may want to give your spouse a financial power of attorney so they can manage your finances, or provide your business partner with the ability to sign contracts and take over your responsibilities.

5. Making Your Own Medical Decisions

An advance medical directive gives you the ability to make your own decisions about end-of-life care and communicate those wishes to your health care providers. With an advance medical directive, you can refuse or give consent to specific medical procedures, describe acceptable treatment options, and maintain control over your own treatment.
 

For over 40 years, Stuart R. Norman Jr. has offered detailed legal guidance and sound estate planning advice to clients throughout Jewett City, CT. With their expertise, this law firm will help ensure that you’re fully prepared for the unexpected, with a comprehensive plan tailored to your unique circumstances and values. Visit their website to learn more about their estate planning services, or call (860) 376-0069 to schedule a consultation today.

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