It is estimated that only roughly 30% of Arkansas residents have an estate plan. This is despite the fact that virtually everyone has estate assets worth protecting and that proper planning could make things easier for family members in cases of incapacitation or death. There is a common misconception that estate planning is something reserved only for the wealthy, those with large estates, or the elderly, when, in fact, everyone over the age of 18 in the state of Arkansas would benefit from creating an estate plan.
Some may perhaps understand the importance of estate plans but may be reluctant to begin the legal process of estate planning, or they may merely procrastinate and wait to do it someday. Unfortunately, no one knows what the future holds, and there are certain tragedies that could befall us at any time. To protect your estate assets, including real estate property, and ensure that these assets are distributed according to your wishes, it is essential that you create an estate plan sooner rather than later.
The estate planning attorneys of our Arkansas law firm have extensive experience assisting clients with these legal matters. If you are a resident of Garland County or Hot Springs, AR or Hot Springs Village,AR, an attorney from our law office would be proud to land legal guidance in the practice areas of wills, trust, estate tax planning, legacy planning, long-term care planning, Medicaid planning, guardianships and conservatorships, and more.
To learn more about our legal services and how we may assist you during these challenging scenarios and times, please contact our Garland County law office to schedule your free initial consultation today.
There’s no such thing as creating an estate plan too early. If you are over the age of 18 and considered an adult, you likely have an estate worth protecting. On top of that, certain legal matters may be addressed by creating estate plans, such as incapacity planning and health care directives.
There is such a thing as waiting too long, however. If you wait until it’s too late to draft a last will and testament, the will could be rendered invalid or challenged in a court of law. Additionally, the simple fact is that none of us know how long we have left on this planet, and we need to plan for some inevitabilities now instead of later.
If you are ready to create an estate plan that could handle matters such as designating beneficiaries, incapacity planning, business formation succession planning, and more, please contact our Garland County law firm to get started today.
Thorough estate planning involves several important legal documents and services. A lawyer from our legal team would be proud to assist you and your family members in creating an estate plan that addresses all of your questions and concerns.
Our lawyers may provide assistance with the following:
Wills are the foundation upon which virtually every strong estate plan is built. If you do not have a valid will at the time of your death, your estate will be divided according to the intestate laws of the Arkansas government. This means that you will not be in charge of deciding who your beneficiaries are and who shall inherit what.
To start writing or revising a last will and testament, please contact our Hot Springs, AR, law firm to schedule your free consultation today.
For some, it only makes sense to have a simple will. However, most individuals prefer to avoid the cost and publicity of probate, which is why living trusts have become the preferred estate planning document.
A trust is a fiduciary arrangement created by the grantor and managed by a trustee to benefit designated beneficiaries. There are different types of trusts that serve different purposes. Depending on the type of trust, the arrangement may be revocable or irrevocable and may benefit beneficiaries during the trust creator’s lifetime.
Whether you need a trust in addition to a will depends on your unique needs and perhaps the size of your estate. In order to accurately determine whether you benefit from the creation of a trust, we would need to review your particular legal needs and estate planning goals.
Different types of trusts available in Arkansas include the following:
The probate process can be lengthy, costly, and complicated. Add to that, those going through probate court are often in a state of grief, having recently lost a loved one. It’s important to remember that you needn’t go through probate on your own.
Our lawyers have extensive experience representing clients in probate court. They can help simplify matters and relieve some of the burden on your shoulders.
