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September 2018 Archives

Estate planning: A trust as a retirement account beneficiary

Sometimes there's nothing else to do but to trust in a trust. When it comes to estate planning, folks who have retirement accounts in Arkansas can have a primary and contingent beneficiary -- a person or body standing to get the account when the owner is deceased. Beneficiaries get these plans directly, avoiding the probate process.  When minor or special needs children are named as beneficiaries, having a trust as a beneficiary may be a wise planning decision.

Arkansas estate planning: What to do in the event of divorce

Divorce is a fact of life. But how does a marital split affect any estate planning that has already taken place? Arkansas residents who are in this situation need to realize that their estate plans should reflect any life changes that take place and that includes divorce. An estate plan should include things like who would make health care decisions in case a person can't do so for him or herself, and that person is a spouse in many instances. So, unless someone wants his or her former spouse to make those kinds of judgments, these things have to be rectified in any formal documents.

Aretha Frankin, Prince failed in estate planning

Both Aretha Franklin and Prince were outstanding performers. But they came up short in one thing that could have made the lives of their loved ones a lot less complicated. Neither of these entertainers did any estate planning and died intestate, so their estates will likely be embroiled in red tape for months and perhaps even years. Arkansas residents who want to avert such hardship for their loved ones should perhaps look into planning their estates.

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