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 health care 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 difficult times. 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 it can result in a lengthy, drawn-out probate process that can be very expensive. If an estate plan is in place, it directs your family and protects your wishes.
What Documents Do I Need for My Arkansas Estate Plan?
This question is common for many people creating an estate plan. It depends on your concerns for the future and goals for your family. An experienced estate planning lawyer in Arkansas 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 Will
- Living will
- Durable financial power of attorney
- Health Care power of attorney
- Letter of intent (LOI)
- Guardianship Designation
Your specific estate plan and the documents included depend on the size and structure of your estate and your unique wishes for your assets. Working with experienced attorneys at McClelland Law Firm, P.A. helps establish the proper documents for your plan. We discuss your specific situation before making any recommendations.
The Value of Estate Planning to Protect Your Assets in Benton, Searcy, and Sherwood, AR
Proper planning with an estate planning law firm serving central Arkansas and surrounding areas 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 may include elder law services like long-term care planning and Medicaid planning. Powers of attorney can allow others to make medical or financial decisions should you become incapacitated and avoid guardianship proceedings in an emergency.
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 estate planning lawyer in Arkansas to help address your unique situation, create a foundation of security, and leave a legacy 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 White County, Pulaski County, Saline County, and throughout Arkansas.
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.