Wills and Trusts
The first part of any estate plan is a Will. Everyone should have a Will. Your Will directs how probate property will be distributed and who will be in charge of that process.
What property goes through probate, you ask? This is a common question. Property owned by someone individually without a beneficiary must go through probate.
A will lets you choose who will be in charge of distributing your property and honoring your wishes. A will also allows you to name a guardian for minor children.
If you die without a Will, Arkansas law through its court system determines who gets your assets. The needs and desires of your family may not be a part of this equation. A Will can prevent this from happening and make certain your assets are distributed according to your wishes.
There is no single solution or format to a Will. A properly drawn Will depends on your specific wishes, circumstances, problems and opportunities. With the help our experienced Hot Springs Village and Hot Springs Will attorneys, you can be confident your wishes will be honored and your assets will be distributed to your heirs you have directed.
Trusts go further than your Will to address specific issues when you want to make certain your family enjoys the maximum benefits of what you have worked hard to provide them. A trust is a separate legal entity for holding property. One or more persons (the “trustee”) holds property for the benefit of another or several other people (the “beneficiary”). The person who creates the trust is known as the grantor. The trustee holds legal title and is responsible for managing, investing and distributing the assets or property of the trust.
There is a common misconception that trusts are only for the wealthy. Nothing can be further from the truth. Many families can benefit from trusts. Most well known is the advantage of avoiding probate. That is, in a trust that terminates with the death of the grantor, any property in the trust prior to the grantor’s death passes immediately to the beneficiaries by the terms of the trust without requiring probate. This can save time and money for the beneficiaries.
In broad terms, the following list gives you an idea of what may be accomplished with trusts as part of an overall estate plan:
- Avoid probate
- Control how and when distributions are made
- Distribute your assets to a second spouse with the remaining assets distributed to your children upon the death of the second spouse
- Protect a child with special needs
- Protect your children’s inheritance from their creditors
- Keep your estate private
- Plan for and reduce estate taxes
- Provide for minor children in the event of an untimely death
Our Hot Springs Village and Hot Springs trust attorneys have extensive knowledge and experience to provide you with a highly customized plan to fit your family’s needs.
WE CAN HELP
Call us today so we can help provide you and your family with the peace of mind that comes from knowing that you have an estate plan that accomplishes your goals and will avoid unnecessary attorneys’ fees, headaches, or conflict for your grieving family when you pass away.
307 Carpenter Dam Road
Hot Springs, AR 71901
100 Plaza Carmona Place
Hot Springs Village, AR 71909