Getting personal effects in order is no easy feat for many. Estate planning can be time-consuming, confusing and complex, and that is why it’s important to get all ducks in a row at the get-go to prevent hardship for loved ones when the time comes to settle the estate. Arkansas residents will want to avoid some common mistakes when fashioning their complete estate plans.
Once plans are in place, the will need to be updated as life changes. One of the biggest mistakes is having designated the wrong executor. If an executor is no longer living or is unable to take on the job that is required, that won’t be much help to beneficiaries. Ensuring a proper executor is of prime importance. The same is true of children that an estate holder wants to include in an estate plan.
Everyone’s health care records are private thanks to the Health Insurance Portability and Accountability Act (HIPAA). Estate planning documents should allow for the waiver of these rights when it comes to a person’s health care representative. This would allow health care professionals to share medical information with a person’s representative to allow the specified individual to make health care decisions.
There are other mistakes people often make when it comes to estate planning. Arkansas residents can also get information regarding assets and taxes and how an estate plan can help shelter assets. An attorney is able to provide his or her client with information that will help to create an all-encompassing estate plan.