When an individual decides to write an estate plan, there are certain things he or she should know for the plan to be truly complete. For estate planning to be effective, Arkansas residents need to be sure that assets are titled properly — something with which a lawyer can help. Testators who want their assets distributed as they wish need to ensure this step takes place.
It’s important to note that the will only disseminates the assets that are within the probated estate of an individual. Titled assets such as real estate usually pass directly to beneficiaries. Such is the instance of life insurance policies where the beneficiary directly controls the asset unless it moves to a trust.
Other examples of these types of controls are retirement funds, for which designated beneficiaries must be named at the outset of establishing them. These days, beneficiaries can be named for bank accounts as well, which may actually be contrary to a beneficiary named in a will. It’s crucial that a testator gets his or her beneficiaries on the same page.
There are many issues that figure into estate planning with which an Arkansas attorney may be able to assist his or her client. One of those is properly titling assets and how trusts can work to a client’s advantage in an estate plan. A lawyer can help a client to plan an estate that is in keeping not only with a client’s wishes, but also within the laws of the state.