Having an estate plan in place provides you with peace of mind. In addition, it protects your family in the event of your death or disability. It even can save your estate and loved ones substantial expenses once you are gone. We can provide you with the tools you need to decide what type of estate plan best meets your needs.
Wills and Trusts
Those who have a modest estate may only need to have a simple will put in place. A properly prepared will allows for the distribution of your assets at the time of your death. Wills also allow you to name a guardian for your minor children. A named executor is tasked with distributing your assets in accordance with your wishes. However, the time it takes to probate a will can become a source for much stress for the survivors. We can help you avoid probate upon your death, which can be a gift to your loved ones who survive you.
Do you need a trust? Should you have one? We can help you make that decision by giving you the information you need.
Those who have more complex estates, including those who are business owners, often need a more complex estate plan. Trust agreements can help provide clear direction for someone to manage your estate on your behalf. Trusts can also be used to minimize taxes and preserve your privacy. Since a trust is not required to go through the probate process, your assets do not become public.
Power of Attorney
Powers of attorney are necessary in the event you become incapacitated. If you are unable to manage your own affairs, having someone you trust manage your affairs is preferable to having the court appoint someone. We can help prepare a power of attorney to ensure someone can manage your financial affairs in the event you are seriously injured or ill and unable to make decisions on your own.
Most of us never think about what happens if we are unable to communicate our wishes for end-of-life medical care. However, your life could be extended through the use of artificial means if you do not have a living will in place. Living wills allow you to specify what care you want to receive, and what efforts should be taken to prolong your life.
Appointment of Medical Care Agent
Part of your estate planning is ensuring someone knows your wishes for your care. If you have not appointed a medical care agent your next of kin will have to make those decisions on your behalf. We can help you draft the proper documents to make sure your loved ones know your wishes. Most people combine these documents with a living will, to make sure the person charged with making decisions is fully aware of their wishes.
When you have a minor child, or an adult child with disabilities, we can help you provide for their care in the event of your death or incapacity. This is done through the appointment of a guardian. This will prevent the courts from needing to get involved and appointing a guardian when you cannot have a say.
Contact Sprott, Golden, & Bardwell located in Harrison, Arkansas and Berryville, Arkansas today!