Most everyone has something of value. When it comes to estate planning, Arkansas residents don’t have to have to be wealthy to write estate plans. Such a plan gives direction to loved ones when someone is not around to do that anymore. A plan can also encompass last wishes and what the person wants done with his or her personal items. Much has to do with leaving family members with much less stress amid losing someone they love.
For parents, it also means naming a guardian for any minor children. A well-rounded plan should also have an advance care directive that encompasses a living will outlining the type of medical care requested should the maker not be able to make decisions on his or her own behalf. And speaking about making those decisions, a power of attorney should also be named in an estate plan. A medical power of attorney and a financial power of attorney can be looked after by two different individuals, but doesn’t have to be.
Residents might also wish to think about establishing a trust, especially if no spouse is involved or if the individual considering these issues is in a blended family. A trust may also help avoid the probate process and the delay it may cause in getting beneficiaries their inheritances. A good estate plan will aim to minimize any tax liability of the estate, no matter what it’s worth.
There are many rules that accompany estate planning in Arkansas. An attorney may be able to enlighten his or her client on how a good estate plan should look. A lawyer can draft the documents associated with an estate plan, including a will, health care directive and powers of attorney.