When exploring the various ways in which Arkansas residents can create comprehensive and effective estate plans, some may overlook certain planning tools. In particular, it is not uncommon for people to think that they do not need trusts for their plans. However, utilizing this planning option can have many benefits and go a long way in making certain matters easier after a person’s passing.
One benefit of a trust is that the funds in the trust do not have to go through probate proceedings. As a result, they do not become inaccessible until the probate process is complete. If a person is named as a beneficiary to a trust, he or she can access the funds soon after the trustmaker’s passing, as long as the details of the trust do not stipulate otherwise. This quick access can help individuals who may need funds from the estate to carry out certain tasks.
Having a trust created well ahead of time and appointing trustees can ensure that there is little upset regarding the assets in the trust after a person’s death. The trustee will likely have already been managing the trust before the individual’s passing, and as a result, he or she is well-acquainted with how it should be managed. This can often ease any necessary transitions.
The benefits of trusts are numerous, and it can be difficult to name each one. Fortunately, Arkansas residents who are interested in utilizing this planning tool can discuss the many benefits with knowledgeable attorneys. Legal professionals can assess a person’s individual estate and explain how a trust could help.