There is an old adage that says there are two constants in life -- death and taxes. No Arkansas resident really wants to focus on either, especially the end of life, but it's important to give pause to think of family members left behind who would appreciate the time taken by their loved ones who cared enough to do some estate planning. It might not be something people enjoy doing, but it's an integral part of caring for who will be grieving the loved one.
Being in the 21st century calls for some twists on things that could impact family life. Modern Arkansas families need to have modern estate plans and that means estate planning shouldn't be put on the back burner and plans should be updated as life evolves. If children are part of a couple's life, it's all the more important to take the steps necessary to have them cared for in the event something unforeseen should happen.
Not everyone gets married. But everyone needs to do some estate planning, and that includes single individuals in Arkansas. Singles may have amassed healthy bank accounts or more assets than their married counterparts. No matter what the situation, everyone should have an estate plan in place, which includes a number of important documents.
Experts are saying that Lee Radziwill's estate plan was as elegant and well-put-together as she was herself. The sister of late former First Lady Jacqueline Kennedy Onassis passed away earlier this year. Arkansas residents can learn something from her estate planning etiquette, which was both complex and thorough, as her will was recently probated. She understood that wealth could pass seamlessly with the right planning documents in place.
Some Americans venture away from home when it comes to investments and put some of their funds into foreign markets. Arkansas residents who have foreign investments need to be aware that the right kind of estate planning can help them to protect those assets. Having experienced advisors weighing in on prospective investments is a step in the right direction before even considering foreign markets.
Cost effectiveness is a key element in a good, overall estate plan. One of the goals of positive estate planning is to have beneficiaries in Arkansas get the most out of what they've been bequeathed. One of the things that matters most is making sure all documents in an estate plan are legally binding and current. There are a few golden rules of estate planning of which every adult should be aware before drafting a personal plan.
Luke Perry made sure his family would be looked after. Arkansas residents should look to the late actor -- only 52 years old when he died -- as a role model for estate planning. Perry had his estate in order before he died due to complications of a massive stroke. Because of that planning, his loved ones didn't have to worry about having to make serious decisions without knowing what he would have wanted.
Emotions can run rampant when a beloved family member passes away. For those Arkansas residents who are left behind and having to go through their loved ones' estate planning documents, there are some words of wisdom to heed before making any major decisions. Grief can cause a great amount of stress and financial decisions related to a deceased person's estate plan should be made with a clear head. Experts suggest people put off making major decisions, such as selling a house, until about six months have passed after a person's death.
Planning an estate takes some decision-making and time. Arkansas individuals who have taken the time for estate planning should know that these plans shouldn't sit collecting dust over the years, but should be updated as life changes. There are some definitive reasons when and why these plans should be updated since keeping them current is in the best interests of loved ones.
It is rather difficult in this technological age to keep private matters private. Arkansas residents who are thinking of estate planning should know about the differences between will and trust-based estate plans if they wish to keep their private affairs under wraps. In essence, estate plans that are will-based eventually become a matter of public record and anyone can access personal information contained in a will.