People who are in the throes of planning their estates may find it easier if they know what pitfalls to avoid and what to make sure to do during the planning process. Estate planning for Arkansas residents doesn’t have to be teeming with stressors. The first order of business is to remember to name a fiduciary — also known as a trustee or an executor — even when assets are in a trust that’s revocable. Not doing so could cause major problems.
The job of a fiduciary is time-consuming and bears a lot of responsibility, so the person(s) chosen should be trustworthy and honest. Ideally the person should have some understanding of the concept of the job and of finances. Once the person is chosen and named, some thought should be given to including tangible property in a will. The more specific the testator is about who should get what, the better. Saying that things should be divided between family members is too wide open and could cause squabbles.
In this technological age, many people forget about their digital assets like accumulated air miles or any other points incentives. Making them known in an estate plan will be of help to the fiduciary. Talking to an attorney about this evolving area might be a wise idea.
Estate planning is changeable and, as life changes plans, should be updated. It might also be a good idea to discuss what’s in an estate plan with beneficiaries. An Arkansas attorney may be able to help during the entire process by giving beneficial advice on such things as titling assets properly and various tax ramifications.
Source: Forbes, “Avoid These 6 Estate Planning Mistakes“, Accessed on May 4, 2018