Estate planning is something that all adults need to consider, no matter how young and healthy you are and even if you have little to no money, property or assets. Your needs may be minimal or complex, but even something as simple as a will and a plan for your healthcare and who will handle your affairs should you become incapacitated can save your loved ones from the unnecessary stress of trying to make these decisions and handle these matters for you if the worst should happen expectedly. If you have children, a legally documented plan for their care, at the very least, is just a basic part of being a responsible parent.
Milligan Law Offices is here to help you with all of your estate planning needs.
Your last will and testament is the document most commonly simply referred to as a will. It is your way of choosing who will receive your property after you die. If you do not have a will, the court will make these decisions for you. When you die without a will your estate is distributed according to the laws of intestate succession, which is specific about who gets how much, but not about who gets which items. A will puts you in the driver’s seat and can prevent conflicts between loved ones.
A will gives you the opportunity to leave assets and property to loved ones and others who do would otherwise receive nothing, such as a fiancé, life partner, close friend, your pets or a charity. It allows you to designate who will execute your will, and who will take care of your pets. It is also your change to voice your wishes as to who will care for your children. The court ultimately makes that decision but will consider your wishes if they are included in your will.
A living will is the document that sets forth how your medical care will be handled should you become incapacitated and unable to make your own medical decisions. You will also want a health care power of attorney that designates who will make your healthcare decisions if you become incapacitated and a durable power of attorney which designates who will manage your financial affairs should you become incapacitated.
There are many types of trusts and Milligan Law Offices is here to help you decide which types of trusts will work best for your and your family and help you create them. The most common is a living trust, which is a tool that makes it faster and easier for your heirs to receive the property and assets while avoiding probate.
Guardianship can be for a minor child or an incapacitated adult. Guardianship can be split into guardianship of the person and guardianship of the person’s estate. For adults, there is also the option of limited purpose guardianship when the ward in not fully incapacitated but needs help with certain important aspects of life.
To learn more about wills, trusts, and guardianships in Arkansas, please call Milligan Law Offices at 479-783-2213 or contact us online today and schedule your consultation.