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Protecting The Future For Arkansas Families Through Estate Planning

It is never too early to start thinking about your end-of-life plans, even if you are in good health and not a senior citizen. By taking action early to create an estate plan, you can set up your family for financial security in the event of your incapacitation or death. When you are ready to get your affairs in order, our team is ready to help.

We are Legacy Estates & Trusts, PLLC. We serve clients throughout Arkansas with all manner of estate planning, probate and estate administration concerns. Our multigenerational approach from our team of attorneys has earned us a reputation for skill and compassion in everything we do.

What Should Your Estate Plan Have?

Your personal and financial situation is unique. Granted, there are a few documents that every good estate plan should have. These include:

  • Last will and testament: This identifies which assets should go to which beneficiary.
  • Beneficiary designations: A beneficiary is someone who receives your assets and property after you die.
  • Power of attorney: If you become incapacitated, a power of attorney allows someone else to make legal decisions on your behalf.
  • Living will: This document informs medical staff of your wishes regarding your end-of-life care. People also refer to them as advance health care directives.
  • Trust: You can use trusts to hold money or other assets before it passes to a beneficiary. They are helpful tools to avoid probate.

Our team of lawyers can explain how these documents apply to your particular circumstances. We can then tailor them to suit you and your family’s needs.

Why Do You Need A Will?

A last will and testament is essential because it lets you decide how your assets are distributed after you pass away. Without a will, state law determines who receives your property, which may not match your wishes. A will also allows you to name guardians for your children and appoint someone you trust to manage your affairs. It provides peace of mind knowing your loved ones are protected and your intentions are clear.

What Are Some Common Estate Planning Trusts?

Common estate planning trusts include:

  • Revocable living trusts: Help you avoid probate and maintain control over your assets during your lifetime
  • Irrevocable trusts: Protect assets from creditors and reduce estate taxes
  • Special needs trusts: Provide for loved ones with disabilities without affecting their government benefits
  • Charitable trusts: Allow you to support favorite causes

Each trust serves different goals, so choosing the right one depends on your personal situation.

How Often Should You Adjust Your Estate Plan?

You should review your estate plan every few years or after major life changes such as marriage, divorce, the birth of a child or significant changes in your finances. Laws and personal wishes can change, so regular updates ensure your plan still matches your goals and protects your loved ones. Meeting with your attorney periodically helps keep your documents current.

Take The First Step: Consult A Cabot Estate Planning Lawyer

Do not wait until it is too late to create a legally sound estate plan. Work with us at Legacy Estates & Trusts, PLLC, today to draft the documents that will protect them tomorrow. To schedule an initial consultation with us, please call our Cabot office at 501-588-4590 or send us an email.