Preserving your family’s wealth for future generations
Whether you’re planning the parameters of your future medical care or establishing support for loved ones upon your death, Walters, Allison, Parker & Estell can help with all aspects of your estate plan, including:
- Advance directives (living wills)
- Estate tax issues
- Choosing the appropriate executor
- Guardianships and conservatorships
- Living trusts
- Wills drafting
Estate planning documents are extremely flexible and can be designed to fit your unique needs. Walters, Allison, Parker & Estell works closely with you to determine your goals and create precise instruments to carry out your intentions.
Securing your legacy
You’ve worked hard for your family, so knowing that you have planned for their long-term well-being and financial security can bring you great comfort. We thoroughly analyze your estate and strategize the best means of transferring your assets, minimizing taxes, establishing guardianship for your children, caring for your pets, supporting personal philanthropic causes and protecting your loved ones.
Draft your advance directive and last will and testament
A will is essential at every stage of your life. Your advance directive (or living will) sets the parameters for medical intervention should you become incapacitated. This assures that when you are most vulnerable, your wishes will be honored.
Your last will provides the opportunity to distribute your property, establish care for your children and otherwise express your wishes upon your death. A will is necessary if you intend to leave property to a person or entity other than a blood relative, such as a domestic partner, a friend or a charity. If you die without a will, the court determines how your property is distributed, who cares for your children and even what happens to your pet – making decisions that might not reflect your desires.
We can draft valid wills that ensure your intentions are honored.
Changing your will
As your life changes, so might your estate plan. You should update your will periodically throughout your life. Our attorneys draft valid codicils that address changes in your financial situation, marital status, number of children, philanthropic interests and general lifestyle decisions.
Trusts in Arkansas
A trust is a legal agreement that allows a third party, known as a trustee, to hold and manage assets on behalf of another party, known as a beneficiary. Trusts can be an effective way to manage assets and provide for loved ones, and they offer a range of benefits, including asset protection, tax savings, and estate planning.
In Arkansas, there are several types of trusts that can be used for different purposes. Some of the most common types of trusts include:
- Revocable Living Trusts: These trusts can be changed or revoked by the grantor during their lifetime. They are commonly used to avoid probate, a court-supervised process for distributing assets after death.
- Irrevocable Trusts: These trusts cannot be changed or revoked by the grantor once they are created. They are commonly used for tax planning and asset protection.
- Special Needs Trusts: These trusts are designed to provide for the needs of a beneficiary with disabilities without affecting their eligibility for government benefits.
- Charitable Trusts: These trusts are used to make charitable donations and provide tax benefits to the grantor.
When creating a trust in Arkansas, there are certain legal requirements that must be met. It is important to have the trust properly drafted and executed to ensure that it is valid and enforceable. Additionally, there are various tax and legal considerations that must be taken into account when creating a trust.
Our law firm has a team of experienced attorneys who can help you navigate the complexities of trust law in Arkansas. We can help you determine the best type of trust for your needs, draft and execute the trust document, and provide ongoing advice and support.
If you are interested in creating a trust or have any questions about trusts in Arkansas, please do not hesitate to contact us to schedule a consultation.
Appointment of guardians
If you have minor children, your will allows you to make decisions about their future care. Naming a guardian is especially important if you are a single parent, but even married couples must consider the remote possibility of perishing in a common incident. If you do not name a guardian, the court will appoint one whose decisions may be in conflict with your parenting goals. You can also make arrangements for your pets’ care in your will, even naming a guardian to assume ownership.
Contact an estate planning law firm you can trust.
For comprehensive estate planning services in Greenwood and throughout Arkansas, call Walters, Allison, Parker & Estell at 479.996.2100 or contact us online to schedule a consultation.