For those individuals who take the time to plan their estates, knowing beforehand what mistakes to avoid when doing so can save all concerned a lot of headaches. Knowing the ins and outs of estate planning can be of great benefit to Arkansas residents. The probate process is one area that would serve residents well to understand before writing their directives. Trying to avoid it, in other words, might be a very wise move.
First off, those who wish to keep their business private will want to sidestep probate since probate is of public record. Probate can also be time consuming and can keep beneficiaries from receiving their assets in a timely manner. By law, certain assets will bypass probate. They include life insurance policies, property that’s owned jointly and retirement accounts. Assets can also avoid the process by being placed in a revocable living trust.
Although most estates go through some probate, the more it can be avoided, the better. Since probate laws can differ from state to state, it would be a wise move for those who own property in different states to be aware of the laws of that particular state regarding the probate process. If that is the case, an estate may go through the probate process in more than one state if estate planning is done incorrectly.
An Arkansas lawyer may be able to provide information regarding probate laws in Arkansas and what his or her client might be able to do to avoid much of the process, especially when he or she owns assets out of state. Estate planning takes time and effort to accomplish properly. Having a lawyer’s guidance may help residents to rewrite or rethink the process in relation to the state’s probate laws.
Source: forbes.com, “7 Big Estate Planning Mistakes“, Bob Carlson, Accessed on May 11, 2018