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Estate planning is a process through which an individual arranges how their estate will be distributed upon their death. It also allows a person to determine what life-prolonging measures or medical treatments they receive in case they can’t make these decisions for themselves. Below is some information to help you better understand the estate planning process and some of its most crucial components.

A Guide to Estate Planning

What Is Estate Planning?

In general, estate planning ensures your wishes are honored. It lets you make provisions for loved ones and have a certain amount of control over your end-of-life care decisions. All estates include a will, which is a legal document that details who you want to inherit your assets. Upon your death, the will goes through a legal administrative process called probate, which verifies the terms of the document and the assets in the estate.

Many estates also include trusts, which allow you to transfer ownership of certain assets to the trust itself as a way of avoiding probate. Some choose to draft a living will, which is a document where you state preferences for end-of-life care, such as the use of feeding tubes, respirators, and resuscitative measures.

What Is a Power of Attorney?

A power of attorney is someone you designate to handle your legal, financial, or health-related affairs should you become unable to do so. Be sure to choose someone trustworthy who you’re confident can handle both the practical and emotional aspects of the role.

estate planningThere are two main types of power of attorney (POA). A durable POA can conduct routine legal and financial business on your behalf, such as paying bills or selling a home. A healthcare POA can decide what medical care or treatments you receive. Both of these arrangements only become active when you’re unable to make decisions for yourself, either because of age or infirmity.

Why Are Wills Important?

A will is the centerpiece of any estate plan. Without one, your estate is considered intestate, and assets are distributed according to state laws determining your legal next-of-kin. So, without a will, the people who inherit your assets may not be the ones you would have chosen. If you have minor children, you can make provisions in a will for their guardianship and care. A will can be amended at any time during a person's life, which makes them flexible and easily customizable when changes occur.

 

 

The estate planning attorneys at PoindexterHill, P.C., have been serving residents across the Waynesboro County, VA, area since 1976. They’re a multi-practice firm offering legal assistance in estate planning, criminal defense, and personal injury cases. They’re a client-focused firm dedicated to your rights and goals. Call (540) 943-1118 to schedule a consultation or visit them online to browse their many areas of practice.

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