Here Is Why Leaving Money To A Charity Can Benefit Your Estate

Have you thought about the many reasons to give to charity? Honoring a loved one, advancing a worthy cause, and a genuine interest in helping others may be just a few of the motivations that help make the world a better place.Charitable giving, however, can also come...

Creating a Trust for a Child with Substance Abuse Issues

September is “National Alcohol & Drug Addiction Recovery Month,” a national observance to raise awareness and educate Americans about mental and substance abuse disorders that inflict over 20 million Americans.  Over 6 million of those with substance abuse...

Talking to Your Kids on World Alzheimer’s Day

On September 21, we celebrate World Alzheimer’s Day to raise awareness of the impact of Alzheimer’s Disease and other forms of dementia on loved ones afflicted and on family members and friends impacted by their diagnoses. Have you heard that Alzheimer’s disease has...

When Siblings Cannot Agree on What to Do With an Aging Parent

Have you and your siblings developed seemingly insurmountable communication issues? Problems among siblings can be difficult in the best of times, but can be exceptionally problematic when they need to work together on what should be done about an aging parent. While...

The Importance of a Strong Durable Power of Attorney

It may be safe to say that 2020 has been an interesting year, to say the least. A global pandemic has certainly demonstrated that what one knows as “normal life” can quickly be redefined. A positive, which flows from the lessons of 2020, may be the reminder to be...
  • Clear Direction
  • Thoughtful Advice
  • Practical Solutions
  • Customized Counsel

Do You Have A Will? Does It Need A Review?

Many people put creating their estate plan on the back burner as something they will eventually get around to do. Others believe they are all set because they have a will, but have not reviewed it in years.

For most estates, a trust is a recommended tool to assist in transferring your legacy to your heirs. However, in certain cases, a stand-alone will is adequate to avoid probate and make the process easy for your loved ones.

At Rippy, Stepps & Associates, our estate planning attorney will work one-on-one with you to create a tailored estate plan or review what you currently have for accuracy. Without a will, your estate is considered an intestate estate, and Arkansas law then dictates how your assets are dispersed. In these cases, the probate process often becomes more costly, lengthy and burdensome for the estate administrator, who is often selected by the court.

It is also essential to review your will and estate plan often. A good rule of thumb is to set up a review every five years to ensure accuracy. In addition, it is recommended that you review your will and estate plan after certain life events occur such as divorce, death in the family or move to Arkansas.

Limit Disputes Among Loved Ones

A will can decrease the possibility of conflict and may be simple or detailed. Often a will can be used to create a testamentary trust. If there are minor children, a will should specify the parents’ selection of a guardian if one is needed. While the guardianship designation is not binding, a judge will likely take the parents’ wishes into careful consideration if the need arises.

Through separate documentation or as part of your will, you can facilitate a smooth transition of assets through creation of a trust, such as a:

  • Living trust
  • Revocable trust
  • Irrevocable trust
  • Special needs trust
  • Generation-skipping trust

A discussion about your asset portfolio, your priorities in estate planning and the testamentary documents needed to complete your legal legacy is important. Meet with our attorneys for information and guidance regarding trusts, your will or any estate planning issue.

When To Talk To A Lawyer About Your Estate Plan: Sooner Rather Than Later

Rippy, Stepps & Associates welcomes the opportunity to assist all Arkansas residents with any aspect of estate planning. Call 501-428-913 or email us to schedule a consultation at your convenience.