Wills And Trusts Attorney Serving Cabot
Like buying life insurance, paying a mortgage or building savings accounts, estate planning organizes one’s financial affairs in order to facilitate a more solid financial future for loved ones. Like a roof or a furnace, a will and trusts typically need periodic review and maintenance. If your family structure has changed, if your financial affairs have changed or if you have moved to Cabot, Arkansas from another state, it is time to have a lawyer review your will and discuss appropriate trusts that can keep an estate out of probate.
If You Own Property Or Have A Family, You Should Keep Your Will Updated
A will is a basic building block of estate planning. Without a will, settling an estate can take longer than it needs to take and will be more expensive. Appropriate trusts can be established at the same time that a will is created. Without trusts in place, settling an estate can be more complicated than necessary and beneficiaries of an estate may pay more in taxes than necessary.
Married couples often devise mutually inclusive wills, trusts and other estate planning documents together. Doing so can be cost-effective as well as a productive avenue for clear communication between spouses about end-of-life and after-death intentions. A single person is often concerned about preventing trouble for children, parents or other family members in the event of an untimely death. Many people are also interested in leaving assets to charitable causes.
Will A Trust Or Trusts Enable Your Loved Ones To Avoid Probate?
Through far-reaching estate planning, some people manage to account for all their assets through trusts. Special needs trusts and other custom-designed trusts may allow for the settling of an estate while avoiding probate altogether. Trusts can save beneficiaries taxes as well as simplifying and hastening the process of resolving an estate. Even with a trust in place, there should also be a will to account for any assets of an estate that are not covered by the trust.
Estate planning is one of life’s greatest bargains — and it is also something that many people put off, particularly when one’s end of life seems far off. Many people feel uncomfortable contemplating their own eventual death — and may feel overwhelmed at the idea of preparing to leave assets to a spouse, children or other beneficiaries someday. However, many people also realize that any responsible adult should have a will at the very least. Many people also hope to save their families trouble and expense when the time comes for assets to pass on to the next generation.