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January 2020 Archives

When should I update my revocable living trust?

People often choose to include a trust in their estate plan for the security it can provide. One type of trust — a revocable living trust — appeals to many due to its flexible nature. Unlike an irrevocable trust, you can amend the terms and conditions of your revocable living trust.

Irrevocable trusts could suit various estate planning wishes

Finding the best way to distribute and protect estate assets after one's passing can be difficult. With so many estate planning choices available, many Arkansas residents may not know which best suit their circumstances. In many cases, individuals, their estates and their loved ones can benefit from trusts, but which kind?

Set up discretionary trusts for added asset protection

Passing assets on to loved ones is important for many Arkansas residents. They may know that their wills can help them do this, but it may be worthwhile to consider trusts more closely. Using this planning tool can offer more protection than wills and ensure that the beneficiaries receive the assets when the time is right. 

Various assets can be placed in revocable living trusts

Various estate planning tools can help Arkansas residents protect their assets. However, trusts usually offer the most protection and most control when it comes to property distribution after a person's passing. If a person creates this type of account, it is important that it is funded, but some parties may not know what they can put into a revocable living trust.

Choosing someone to handle trust administration can be complex

Choosing to use trusts as part of an estate plan is often a wise decision, particularly for asset protection. However, trusts need someone to manage them after the trustmaker's passing, and trust administration can take time and have its own complications. As a result, Arkansas residents should be purposeful when choosing their trustees.

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