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estate planning Archives

Estate planning part of emergency financial kit

There may be times in life that come as a surprise and some of those surprises may put a damper on happy circumstances, but there can be plans put into place to offset unforeseen events. Arkansas residents who are considering estate planning might also want to consider having an emergency kit ready pertaining to finances should life throw them a few curve balls along the way. There are some things that would be wise to have in a financial emergency kit.

Important estate planning considerations for your assets

Planning for the future is an important and prudent step, regardless of a person's income level or the size of his or her estate. When moving forward with the process of estate planning, it may be beneficial to consider what will happen to specific valuable assets. This includes what many call hard assets, such as valuable jewelry, collectibles, art and more. 

Avoiding some pitfalls when estate planning in Arkansas

Getting personal effects in order is no easy feat for many. Estate planning can be time-consuming, confusing and complex, and that is why it's important to get all ducks in a row at the get-go to prevent hardship for loved ones when the time comes to settle the estate. Arkansas residents will want to avoid some common mistakes when fashioning their complete estate plans.

Staying clear of estate planning mistakes in Arkansas

Planning an estate takes some thought and foresight. When making decisions about estate planning, Arkansas residents will want to ensure that their plans are complete and spell everything out. With that in mind, there are some things to be aware of. Making mistakes could mean added stress and grief for family members.

Sloppy estate planning can wreak havoc with family members

The best estate plans are the ones where all the i's are dotted and all the t's are crossed. Messy estate planning can create chaos in Arkansas families. Leaving things out of a plan or not having things properly documented or worse yet -- not having an estate plan at all -- could make life for already grieving loved ones even more miserable.

Widows, widowers in Arkansas and estate planning needs

A person who has just lost his or her partner has many things to think about. Although it may not be the first thing that comes to mind in the throes of grief, a widow or widower in Arkansas really needs to pause to consider what steps need to take place in his or her own estate planning -- to protect him or herself and any heirs, especially when those heirs are children. Not only does the will of the deceased need to be reviewed, the surviving spouse's estate documents should also be reviewed and updated as soon as possible.

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.

Estate planning doubly important for Arkansas entrepreneurs

Planning for the future may be even more important for business owners. Arkansas entrepreneurs may not realize the importance of estate planning and how it can affect their businesses after they're deceased. It just might be that many of a business owner's assets is in the person's company, and plans should be in place for the business to either pass to a family member or members or to be sold at a fair market price.

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