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Conway Estate Planning Blog

Basic things to know about pet trusts

When we think about estate planning, it is natural to consider a will. After all, written instructions about how to distribute one’s property after passing is something that everyone wants to do. The same could apply to the notion of trusts. A trust is a legal entity that holds property or assets for another person. A trust can hold cash, real property, securities or any other property.

Indeed, trusts are traditionally held for people, usually minors who have not reached the age of majority or young adults who do not have the maturity to handle large sums of money. But as society continues to evolve, more people are creating pet trusts.

Helpful tips for discussing a parent's estate plan

The administration of a loved one’s estate can bring about many emotions. Depending on his or her health, how the estate should be divided may be a unique, yet awkward conversation piece. Indeed, different people (especially siblings) may have different ideas about how an estate should be divided when no will exists.

Indeed, Arkansas law controls in these situations, but it may be easier on family members to have things predetermined before an elderly loved on passes away. Ideally, adult children should frank and honest discussions about a parent’s estate plan, but many may be uncomfortable broaching this topic. While there may be many reasons behind such a fear, we hope that this post will provide some helpful tips and a measure of courage. 

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