Fayetteville, Arkansas Estate Planning Lawyer
Estate planning is an important aspect of financial planning for an individual’s life that involves the transfer and maintenance of one’s personal and real in the future. The purpose of estate planning is to develop a comprehensive and well-thought-out plan that will enhance your wealth and ensure the financial security of your estate for you and your family’s future. Mistakenly, most people believe estate planning is reserved only for the wealthiest individuals. However, it is something that everyone should engage in, especially families with modest estates, because they can’t afford for assets to lose value because of poor estate planning. If you would like to begin crafting your comprehensive estate plan with the assistance of a competent Fayetteville estate planning lawyer, look no further than the Knapp Law Firm. We are here to help you, every step of the way.
Why Hire an Estate Planning Lawyer from the Knapp Law Firm?
At The Knapp Firm, our goal is to help individuals with their estate planning goals. We go beyond mere property disposition. We work closely with our clients to develop an estate plan that suits each individual’s specific circumstances. We at The Knapp Firm understand that a comprehensive estate plan will do the job of not only disposing of your wealth and distributing it as you desire, but will also, in a real sense, boost and maintain your estate’s financial security to ensure your family’s future.
Our Estate Planning Services
The Knapp Law Firm proudly offers a wide range of estate planning services to clients in Fayetteville and across the state of Arkansas, including the following:
- Wills: Writing a will is a key part of any comprehensive estate plan. Doing so can help ensure your assets are distributed as you intend upon your passing and that your legacy is preserved.
- Trusts: Trusts are a great way to help preserve assets and protect them from the probate process. If you’re interested in creating a trust, speak with a competent estate planning lawyer from the Knapp Law Firm today.
- Probate: Probate is the process by which a person’s estate is administered after their passing. Unfortunately, probate isn’t always straightforward, which is why it’s always best to proceed solely with the assistance of a dedicated attorney who understands the ins and outs of the process. Fortunately, you are in the right place.
- Business Succession Planning: Are you a small business owner? If so, you’re likely looking to keep your business in your family. Fortunately, you can do this, as well as take additional measures to protect your business, with a seasoned estate planning lawyer in your corner.
- Special Needs Planning: Do you have a child with special needs? If so, you likely understand just how important it is to include him or her in your estate plan. Special needs planning is a great way to ensure your child will receive your assets upon your passing while also allowing them to continue to receive any governmental assistance they received prior to your passing.
- Guardianships: A person may create a guardianship either for their minor children or for a loved one who is no longer able to care for themselves due to a medical condition. If you would like to learn more about guardianships here in Arkansas or you would like some assistance in creating or enforcing one, please don’t hesitate to reach out to the Knapp Law Firm.
- Power of Attorney: There are various types of powers of attorney. They range from healthcare powers of attorney to financial powers of attorney. Essentially, the purpose of a power of attorney is to appoint an agent who can act on behalf of the Principal (the person who creates the power of attorney) should they ever become incapacitated. For example, if you create a financial power of attorney, you’re essentially giving a trusted loved one the right to manage certain financial assets on your behalf, should you become incapacitated and unable to do so on your own.
- Estate Litigation: Often, estate matters, such as the validity of a will, are contested. If you’re involved in an estate-related dispute, our legal team is here to fight for you.
Who Should Get an Estate Plan?
Anyone with an estate should have an estate plan. An estate is made up of everything people own including real estate, bank accounts, investments, personal property, etc. Because everyone has an estate, everyone should have an estate plan regardless of how large or small the estate is. The cost of engaging in estate planning is often minimal when compared to the cost of not having an estate plan. Without an estate plan, the state may distribute your assets for you in a way that is not in accordance with your desires. This may result in your family members being burdened with the expenses of contested probate proceedings and unfavorable tax consequences.
What is the First Part of Drafting an Estate Plan?
The first step in estate planning is conducting an inventory of all your assets. This means creating a comprehensive list of all your real and personal property, investments, retirement accounts, and insurance policies, as well as items that may have more emotional value to you or your family, regardless of financial significance. Decide what you want to happen to your property and who you want to inherit them. This is a delicate process, and these decisions should be made in consultation with a good estate planning attorney who can ask the right questions. Once we assess your wants, needs, and goals for the future, we can then create a plan tailored to your desires to give you the peace of mind you deserve and need.
Contact a Dedicated Estate Planning Lawyer
If you are looking to create a comprehensive estate plan, you should seek experienced legal counsel to help you create a plan that is most suited to your particular circumstances. The attorneys at The Knapp Firm are seasoned advocates who will take the time to listen to you and ensure that your estate plan accurately conveys your wishes and is well-written to avoid disputes about interpretation. Contact us today.