In the 21st century most people have amassed a lot of things. Some of those things don’t have great monetary value, but are brimming with sentiment. So, when it comes to estate planning, Arkansas residents don’t have to be in the ultra wealthy category to plan for unforeseen events. Having a will and other estate plan documents is for those of all income levels.
To think otherwise may be a mistake. When a deceased person leaves family members without guidance as to what to do with any assets — personal or otherwise — it may give rise to a lot of angst and bickering among loved ones. Furthermore, married people who believe their assets will simply go to their spouse and children when they die may be unaware that this is not always so. A will, which is typically part of a comprehensive estate plan, can stipulate who the heirs should be.
Two other estate planning documents that Arkansas residents should think about are trusts and powers of attorney. Trusts are especially good for children who stand to inherit assets. A power of attorney gives someone the decision-making power over health care and other things for those who can’t do so themselves.
Most people are busy with life and don’t really think about the future. Nevertheless, having an estate plan can give great peace of mind that last wishes will be carried out. An Arkansas attorney may be able to help his or her client as to what to include in an estate plan based on that client’s particular needs and desires. Talking to a lawyer about estate planning is a wise move since it’s always best to be prepared for life’s curves.
Source: fa-mag.com, “Estate Planning Is Not Just For The Ultra-Rich Anymore“, Ernie Burns, Accessed on April 20, 2018