Estate planning requires extensive planning. While making arrangements to protect loved ones provides peace of mind, getting started can be challenging. If you have been trying to convince an aging loved one to write a will—or have been wondering why you should create a comprehensive estate plan—consider the following benefits of doing so. 

Why You Should Create an Estate Plan 

1. To Ensure Your Family’s Financial Security 

When someone dies without a will, the laws of intestate succession apply. These statutes determine who gets the deceased’s assets. However, they may not necessarily distribute property among beneficiaries in the same way that the deceased might have. The terms of a will override these statutes and allow you to leave whatever you wish to whomever. With strategic estate planning, you may be able to protect those closest to you for years—or even decades—to come. 

2. To Reduce Expenses During Probate

Disputes are common during intestate because multiple family members often believe they know what the deceased would have wanted. If the terms of your will are clear, loved ones will have no trouble discerning your wishes. This will serve to mitigate disputes during the probate proceedings, thereby saving beneficiaries a considerable amount of time, money, and hassle to recover what is theirs. 

3. To Protect Yourself 

A common misconception about estate planning is the arrangements do not apply until after death. There are a few documents that can protect you while still alive. Every comprehensive estate plan should contain a living will and medical power of attorney, for example. In a living will, you can state wishes regarding end-of-life care. Powers of attorney will grant someone the legal authority to make medical decisions that reflect these wishes, should you ever become incapacitated. 

If you or someone in your family needs help with estate planning, turn to the knowledgeable lawyers at PoindexterHill, P.C. in Augusta County, VA. Since 1976, this full-service firm has provided civil litigation, business law, and estate planning legal counsel to clients. These experienced lawyers also practice criminal defense, personal injury law, probate, and real state law. To learn more about their seasoned team, visit their website or call (540) 943-1118.