Writing down one’s final wishes can be both daunting and stressful. But when Arkansas residents are aware of what not to do when in the throes of estate planning, the road may be a lot less bumpy. Estate planning need not be a chore, especially when looking at it from the perspective of making life much easier for loved ones. For wishes to be carried out the way a testator would like, there must be some sort of planning documents in existence, and the more comprehensive they are, the better.
Firstly, an estate plan should consist of more than just a will. A will cannot speak to anything owned jointly with someone such as bank accounts. A well-rounded estate plan might also include a living will and a health care proxy that names someone who can make health care decisions on behalf of the testator. Add to those a power of attorney, which names a person to look after finances if one is incapable of doing so.
Estate plans are not just for the elderly – especially if young children are involved. Waiting until the golden years to craft a plan may be a big mistake. People should know that an estate plan is changeable and can be revamped as life evolves. Neither is estate planning only for those who are well off financially or who have many assets. Everyone needs an estate plan.
Estate planning doesn’t have to be complicated, especially if an experienced Arkansas attorney is involved in the process. Understanding the dynamics of the documents that an all-encompassing plan should include is a step in the right direction. Enlisting legal advice may make the process less cumbersome.