A Fayetteville, Arkansas estate planning lawyer from our firm is ready to help you with wills, trusts, and anything else that you need. There are a few things that you may want to do before meeting with our attorneys though.
Do I Really Need an Estate Plan?
You do not need to be a multi-millionaire to need an estate plan. This is a necessity for everyone. It allows you to account for all of your assets and pass them down to loved ones.
When you do not have an estate plan, all of your assets have to go through the probate process. This means that state law decides where your assets go and who gets to be the beneficiary of the bulk of your estate. If you have your own ideas about who should get what, then you absolutely need to make an estate plan of your own.
What Should I Do First?
Making an estate plan can seem like a daunting task, but it gets easier if you just go step by step. We recommend:
- Making an inventory of all assets
- Accounting for any debts or liabilities
- Deciding upon beneficiaries
- Choosing who should have power of attorney
- Name guardians for your children
This is a good starting point. Our firm can help you handle the rest.
Can I Change My Plan Later?
Yes, you can. We understand that situations can change. Once you have established an estate plan of your own, our lawyers are ready to help you update it whenever you need to. Whether there was a death in the family, a divorce, or another event, you are empowered to change your estate plan at any time while you are in sound mind.
What Are Some Common Estate Planning Mistakes?
One of the biggest mistakes is never making an estate plan in the first place. This can put your family through a lot of stress and can greatly increase the time it takes for your beneficiaries to get what you left behind for them.
Another common error is not updating accounts or policies that list a beneficiary. If there is a change in your life and you no longer want someone to be the beneficiary of a policy, you need to make that change as soon as you can. If you have left the beneficiary section of any such accounts blank, now is the time to make sure that they are properly filled out.
Do I Need an Estate Planning Lawyer?
Even if you have a smaller estate, it is often wise to get a lawyer to help you with your estate planning needs. You want to make sure that everything is done right so that there are no problems that arise after you pass away. An attorney from our firm can also make sure that all of your documents are legally binding. Plus, they might have some better ideas about how to protect your assets or make sure that your wishes are honored after you are gone.
Contact Our Law Firm Today
When you are ready to establish a complete, legally binding estate plan of your own, call The Knapp Law Firm. Our experienced attorneys are ready to get to work for you.