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May 2020 Archives

Trusts can be named as IRA beneficiaries

Many people utilize individual retirement accounts to save money. An IRA is an important account, and no Arkansas resident wants the funds to go to just anyone in the event that the account holder cannot collect the funds him or herself. Though retirement accounts are typically payable-on-death accounts, rather than naming a person as a beneficiary, some parties may want to use trusts.

What specific ways could trusts be used for estate planning?

For too long, many people have believed the misconception that only wealthy individuals should utilize certain estate planning tools. In particular, numerous Arkansas residents may have believed that trusts are only used by individuals with a considerable amount of money to pass on to their loved ones. However, this planning tool could actually benefit those at any income level and for various reasons.

During estate planning, trust beneficiaries may have questions

When thinking about end-of-life wishes and property distribution, many Arkansas residents may find it helpful to include family members in the conversation. Often, estate planning affects various members of the family, and it can be wise to allow those individuals to have the opportunity to ask questions. In particular, parties who will be trust beneficiaries may need specific information.

Trust administration is a lot for trustees to handle

Creating a trust as part of an estate plan is something that many Arkansas residents do. This planning tool can help in many ways, especially when it comes to protecting assets and better controlling the distribution of those assets. Of course, when the time comes for trust administration, the trustee will have a lot to handle.

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