Cost effectiveness is a key element in a good, overall estate plan. One of the goals of positive estate planning is to have beneficiaries in Arkansas get the most out of what they’ve been bequeathed. One of the things that matters most is making sure all documents in an estate plan are legally binding and current. There are a few golden rules of estate planning of which every adult should be aware before drafting a personal plan.
Estate planning isn’t just for the elderly, first off. Most younger adults aren’t even aware of what they have and what would happen to their assets should something unforeseen happen to them. Making a list of tangible (real estate, coins, collectibles, etc.) and intangible (savings accounts, stocks, bonds, retirement funds, etc.) assets is a good starting point. Writing a will that includes who should become guardians of any minor children might be the next step.
Getting directives in line is also a part of good estate planning. Should things go awry while the testator is living, it is wise to have directives in place in case decisions have to be made regarding the testator’s health care and finances. This is where powers of attorney come into play. Trusts may also be an option.
Beneficiaries must be named in a will. They are those whom the specifies to receive his or her assets, and the more detailed the will is, the better. These names, along with the executor(s) of the estate should always be kept up-to-date, and the overall estate plan should be changed as circumstances change.
Getting estate planning help from an experienced Arkansas attorney may be a good place to start before writing an estate plan. A lawyer knows the state’s laws and can advise clients based on their personal circumstances. A lawyer can also answer questions on subjects which can seem perplexing like probate and estate taxation.