FAQS: Estate Planning Frequently Asked Questions

*Arkansas clients. Contact an attorney in your jurisdiction to discuss your specific situation.

How do I avoid probate?

There are several ways to avoid my estate going through the probate court system:

* Trust funded with your assets and instructions

* Payable on Death / Transfer upon Death designations with financial institutions, life insurance, and retirement, where applicable

* Beneficiary deeds to transfer real estate to be effective after grantor's death

* Certificate of title to transfer vehicles to be effective after grantor's death

* Transferring assets to someone else (or to a trust) before the grantor's death

Why do I need a Will or Trust?

If you do not have a proper Last Will and Testament or a funded Trust, then the distribution of your estate will follow default Arkansas guidelines based on intestate succession, and the distribution might not be according to your intentions. A Will or Trust gives you the opportunity to determine where and to whom your property will go.

Do I need estate planning when I am young and not near retirement?

Yes. Anyone over the age of 18 would benefit from at least having Powers of Attorney and a healthcare directive (We call it our "Young Adult Care Package"). Designating someone you trust if you experience unexpected illness, accident, or situation can help your affairs continue until your situation resolves. This package is ideal for college students and unmarried individuals. With these documents, which only become effective if needed, your agent can help make medical decisions, pay bills, and communicate with third parties (such as your college) on your behalf. You can revoke these documents at any time.