There is a common misconception that Arkansas estate planning is reserved only for the elderly or those with large estates and large amounts of wealth. This isn’t the case, however. Estate planning is essential for all adults in Arkansas who have an estate or property worth protecting. This may include a farm or other real estate property, financial assets, personal valuables, motor vehicles, and more. An estate plan helps you protect your assets both during your lifetime and after death by streamlining the probate court process for your surviving loved ones. Additionally, estate plans can provide incapacity planning, legacy planning, long-term care planning, and Medicaid planning for clients in need.
Our Central Arkansas law firm, which also serves the eastern and western districts of the state, proudly provides estate planning legal services to clients and their family members. We strongly encourage interested parties to retain professional legal counsel from an experienced attorney when going through the probate process or drafting, reviewing, challenging, or executing an estate plan.
Ethos Law provides legal services in Perry County, Saline County, Faulkner County, Garland County, Pulaski County, Lonoke County, White County and more. To learn more about our legal practice and how we may assist you and your family, please contact our law offices to schedule a free consultation with our legal team. We will work hard to solve problems and come up with creative solutions to prepare a personalized plan for your specific needs.
Thorough estate plans personalized to meet your specific goals and needs offer several benefits not provided to those who opt against creating an estate plan.
Without an estate plan, notably without legal documents such as a will or a trust, there is no guarantee that your intended beneficiaries will receive their full inheritances. This is especially true for individuals who are not part of the typical nuclear family unit. Children and heirs raised by single parents, grandparents, or LGBTQ parents may find that Arkansas intestate laws do not favor them and complicate matters during probate court proceedings. In order to ensure that your intended beneficiaries recover the assets you want for them, it is essential that you speak with an estate planning lawyer to draw up various estate planning documents.
Well-drafted estate plans can also save money, reduce or eliminate estate taxes, simplify legal matters in the courts, and minimize attorney legal fees. Grieving family members and loved ones will also be unburdened by the financial confusion and difficult circumstances of the probate process if there is a valid will or trust. It is essential to begin estate planning sooner rather than later to ensure that the proper documents are in place in case tragedy strikes.
Farmers, family businesses and small business owners would also benefit from creating estate plans. If the business owner or manager passes away unexpectedly or is left incapacitated, a business succession plan must be in place to determine who will take over running the business.
Those interested in elder law and long-term care planning would also benefit from the creation of an estate plan during life. Estate plans can provide certain asset protection strategies if you require nursing home care or will one day become a resident of an assisted living facility. To learn more about long-term care and Medicaid planning, please contact our law office to schedule your free initial consultation today.
A comprehensive estate plan in Arkansas includes various legal documents, including the following:
Our legal staff provides representation in probate court, will contests and estate litigation, trust administration, the revising of wills, and more. To learn more about our estate planning services, please contact either our Hot Springs or Little Rock, AR, law offices today.
Probate is the legal process that involves settling the decedent’s estate under the supervision of the courts. If there is no will, the surviving spouse or an adult child is appointed by the court to be the estate’s executor. If there is a will, however, the will document shall nominate the executor of the estate to serve during probate administration. Once appointed and admitted by the courts, the estate executor has the legal authority to gather and value estate assets, pay estate taxes, settle outstanding debts, and finally distribute the remaining assets to beneficiaries or heirs. Once the legal process has been completed, the executor has the responsibility of closing the estate.
The probate process in Arkansas can be long, complicated, and costly. It is highly recommended that you retain professional legal representation from an experienced probate lawyer. Contact our legal team to set up a free, no-obligation case evaluation today
Living trusts are estate planning documents that establish how your assets will be distributed upon your death. Living trusts are the modern alternative to will planning. With a living trust, a trustee will be designated to manage your trust and the assets while you are alive. Three primary parties are involved in a living trust: the creator of the trust (sometimes known as the grantor, thesettlor or trustmaker), the trustee or trustees, and one or more beneficiaries.
One of the many advantages of creating a living trust is that the estate assets within the trust avoid the costly, time-consuming and very public process of probate court. Additionally, living trusts can provide special needs planning if you have a loved one with special needs.
Anyone who wants to ensure that their intended beneficiaries recover the assets you desire for them should create an estate plan of some kind. This applies even to those with small estates.
Estate plans should be updated regularly to keep up with changing circumstances and life changes. Marriage, remarriage, divorce, death of a beneficiary, changes in child custody, changes in financial circumstances, and the birth of a new child are all good reasons to consider reviewing and revising your estate plans.
Whether you are looking to create, revise, or challenge an estate plan, we recommend working with an attorney with a degree in Arkansas estate law. Our lawyers approach each case with the respect they deserve, providing compassionate legal services to clients and families in need of a little help.
To set up a free 30-minute conversation with our legal team, call us at our law office at 501.777.PLAN.
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