Arkansas estate planning is vital for everybody, but the need to plan becomes more important as we age.
The Importance of Estate Planning in Arkansas
Estate planning is for everyone. An estate plan addresses what happens to your family, property and remains upon your death. Also, everyone needs to have a plan to make healthcare and financial decisions if incapacitated.
Having a proper Arkansas estate plan in place ensures your wishes are carried out, provides optimal tax avoidance, and makes things easy for your family during their difficult time. Having an estate plan gives you peace of mind knowing things are taken care of after you pass.
It is challenging to carry out a person’s wishes without an estate plan and brings on lengthy, drawn-out probate that can be very expensive. If an estate plan is in place, it can provide peace of mind for the senior adult and their family and protects their wishes.
What Documents Do I Need for My Estate Plan?
This question is common for many people creating an estate plan. The answer is that it depends. An experienced Arkansas estate planning attorney can advise you or a loved one on which documents are necessary to protect your assets.
Your estate plan may include a mix of different legal documents, such as:
- a Trust or a Will;
- a living will;
- a durable power of attorney;
- a healthcare power of attorney;
- a financial power of attorney;
- a letter of intent (LOI); and
- a guardianship Designation.
Your specific estate plan and the documents included depends on many factors. The size and structure of your estate and your unique wishes for your assets are essential factors that help establish the proper documents for your plan. Working with an experienced estate planning attorney, like McClelland Law Firm, P.A., can help you select and prepare the necessary documents for your estate plan.
The Value of Estate Planning to Protect Your Assets in Benton, Sherwood, and Searcy, Arkansas
Proper planning for people living in Searcy County allows you to leave your legacy to your family and community, protecting much of what would otherwise go to the government, potential creditors, or be lost to lawsuits in Arkansas. There are many legal options available to protect your assets, and the methods used will depend upon your unique situation, goals, asset values, and family makeup.
If you want to leave a legacy for your loved ones, then estate planning is a crucial step to take. Start by working with an experienced Arkansas estate planning lawyer to help address your unique situation and leave a foundation for your family.
Work with an Experienced Arkansas Estate Planning Attorney to Protect Your Legacy
McClelland Law Firm, P.A. is here to help you and your loved ones understand estate planning, probate, trust administration, Medicaid planning, crisis planning, guardianship, and elder law. Our Benton, Sherwood, and Searcy law offices welcome you to contact us and learn how we can help meet your estate planning legal matters in Searcy County and surrounding Arkansas areas.
An easy-to-follow guide on what you need to know. How to Create an Estate Plan is your starting point to planning.
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Case Study 1:
John Smith (Dad) and Jane Smith (Mom) live in a subdivision off Beebe Capps in Searcy. They have three out-of-state children: John, Paul, and George. George is often busy traveling with his music career, and John’s wife has caused a lot of strife among the boys. When Paul visited in April 2016, Dad and Mom set up an estate plan putting Paul in charge because he not only had a successful business, but Dad said, “When the long and winding road is over, he’s the son to help the family come together.” Choosing the right agent or child can help keep the family together.
Case Study 2:
The Smith family have recently retired in the Heights in Little Rock after a long career farming in the delta. They are the caregivers from a special needs grandson, Treveor. When they sold the farm near Marianna, they bought their dream home and invested the rest. Their number one goal is to establish a special needs trust for Trevor, who suffers from muscular dystrophy and will never live independently. Planning for special needs preserves state benefits, nominates caregivers should he outlive them, and maximizes the quality of life for their grandson.