Arkansas
Searcy
Estate Planning Attorneys
in Searcy, AR
Providing Answers and Support About Preparing for the Future
What Documents Are Essential in a Searcy, AR Estate Plan?
Choosing the right estate planning documents is crucial in preparing for your future. However, what are your options when creating an estate plan in Arkansas? Our legal team is deeply familiar with the many tools available for estate planning, and we can help identify which documents you should consider when creating your estate plan.
The following are some examples of documents we commonly recommend for individuals creating an estate plan in Central Arkansas:
- Will – The will is foundational for many estate plans. It names the person who will administer your estate, also known as the executor. Your will can also name your heirs and dictate who will receive which assets from the estate
- Trust – Trusts are powerful estate planning documents that most people associate with the ultra-wealthy. However, many people use trusts to protect their assets from creditors, predators, and taxation. Trusts, including revocable and irrevocable trusts, are also highly flexible in that you can indicate how you want your assets passed on and to whom
Medical power of attorney – Many individuals create a medical power of attorney so they know their wishes will be followed if they cannot in case of injury or illness. Your power of attorney should be someone you trust to follow your instructions, as you’ll be leaving it up to them to tell doctors how you want your medical treatment handled.
What Is the Difference Between Wills and Trusts?
Wills and trusts work together in an Arkansas estate plan. However, each document plays its own role and is crucial in preparing individuals and families for the future.
Wills
An Arkansas will is a crucial part of estate planning that serves four essential functions:
- The Will indicates to the probate court how you wish for your inheritance to be distributed
- The Will names an executor who will handle the administration of your estate
- The Will names your beneficiaries and describes who will receive what
- The Will names who will be the legal guardian of minor children if you and your spouse pass away
Without a Will, you would be considered intestate, which could cause further issues for your loved ones.
Trusts
Trusts may also help distribute assets to beneficiaries but act differently from wills. When you create a trust, the trust becomes the owner of the assets rather than owning them in your name. This can create many benefits, including lower taxes and increased protection.
Additionally, there are many forms of trusts to choose from that can match your unique needs, such as irrevocable trusts, living trusts, charitable trusts, and more. Call Ethos Law to learn how we can help you set up a trust.
Can Your Law Firm Help Me Through the Estate Administration Process?
At Ethos Law, we recognize that estate planning goes beyond creating wills, trusts, and powers of attorney. We are committed to your best interests, which means being there for you when you lose a loved one and need to go through the estate administration process.
As an executor, you’ll need to go through some of the following steps:
- Inventorying the deceased person’s assets, including naming the assets and assigning them a current value
- Notifying creditors of the person’s death
- Paying remaining debts using the estate funds
- Navigating the legal process of probate
- Notifying beneficiaries of the death and of their inheritance
- Resolving disputes
- Paying estate taxes
Failing to accomplish these and the other requirements of executorship could lead to disputes or even legal action. Call our knowledgeable lawyers for help with probate and other critical legal matters.
Should You Hire Our Estate Planning Attorneys in Searcy, AR?
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