Estate planning is the process of setting up wills, trusts, and powers of attorney to ensure an individual’s personal, medical, and financial wishes are fulfilled upon death or incapacitation. No matter your age, it’s important to pursue estate planning with a trusted attorney for the following reasons.

3 Reasons to Estate Plan

1. Appoint Caregivers for Children

If you’re a parent, you should have a will in place to outline wishes for your children’s care. An attorney can help appoint a legal guardian so a judge won’t decide for you.

Plus, you can set up financial safeguards for children, such as trusts they can receive upon reaching adulthood. Or describe how you’d like your finances to be used for their care, such as tuition for private schooling.

2. Simplify Matters for Beneficiaries

Regardless of how your assets are valued, any adult with financial or physical property should designate heirs in a formal will. Doing so will allow loved ones to avoid complex, drawn-out probate processes and any uncomfortable family disputes about the division of assets.

For instance, you can have savings, properties, and personal possessions bestowed upon beneficiaries as you see fit. An attorney will help plan out how assets will be distributed and name an executor who will ensure these wishes are carried out. Plus, they can counsel you on savvy economic decisions to help your loved ones avoid paying high taxes.

3. Get Your Personal Wishes in Writing

You may have ideas about your own end-of-life arrangements as well as what you’d like done if you can’t make medical decisions on your own. During estate planning, you can establish a healthcare power of attorney who can advocate on your behalf in such scenarios. You can also outline your desires for memorial services and your final disposition, thereby preventing any guessing.

If you’re seeking an attorney to guide you through the estate planning process, turn to Darryl L. Jones, Attorney at Law. Serving Anchorage and the Matanuska-Susitna area in Alaska, this law firm has been trusted in the community since 1988. To discuss estate planning options or find out more about their legal services, call (907) 746-9851.