Estate planning is an important process for people of all income levels. Some people believe they do not need an estate plan or that perhaps all they need is a basic will because they are not rich and do not own significantly valuable assets. While a will is a good place to start, that is not all that a person may need for full legal protection. Trusts are an important tool that can benefit people who are not necessarily wealthy.
One of the drawbacks of estate planning is having to consider what will happen to personal property after one’s death. Even with a will, Arkansas families may still have to deal with disputes and taxes, but establishing a trust can help avoid those problems. A trust allows a person to have more control over what will happen to the assets in the trust after his or her death. Trust assets typically do not have to go through probate, saving a family time and money.
Some people avoid setting up a trust because they believe it is too expensive to walk through this process. Establishing a trust often pays for itself due to the savings in probate expenses. It can also provide invaluable peace of mind for a person who wants to have a greater say over what happens to his or her estate.
While trusts are beneficial, they are not necessarily for everyone. It may be helpful to speak with an Arkansas estate planning attorney about specific needs and individual concerns. A complete evaluation of a client’s individual circumstances can help in gaining clarity about what protections are needed.