Bentonville, AR Wills and Trust Lawyer
Wills and trusts are estate planning tools that can be used in a variety of ways to distribute property to family and other parties. However, many people underestimate the benefit of establishing a will or trust. These estate planning tools can make the death of a loved less of a burden to a family that is grieving. If you need assistance to draft a will or establish a trust, you should consult with an experienced Bentonville wills and trust lawyer.
At Gunn Kieklak Dennis, LLP, we are committed to helping our clients establish an estate plan that meets all of their unique goals. Drafting a will or establishing a trust can be a lengthy process, and we here to alleviate your concerns. One mistake could mean that your property does not get distributed as you intended, a scenario that a family will not want to deal with after the death of a loved one. To schedule a confidential legal consultation to discuss your claim, contact Gunn Kieklak Dennis, LLP at (479) 717-9068. You may also contact the firm online.
Benefits of Drafting a Will in Bentonville, AR
A will is a legal document that is primarily used to convey property after the creator of the will has passed away. Drafting a will is the foundation for any good estate plan. While considering your death and the assets you wish to pass on can be a sensitive topic for some, it is necessary to ensure that your family and other parties are cared for after you pass away.
There are various requirements that must be met for a person to draft a valid will. First, the creator of the will, also known as the testator, must be at least 18 years old. Next, the testator must be aware of all the property they possess. This property can include bank accounts, vehicles, real estate, stocks, and various other types of property. Additionally, the testator must be of a sound mind. This requirement can be interpreted in various ways. For example, if a testator has a mental illness, this could affect their ability to draft a valid will.
Arkansas does not acknowledge oral wills. The testator must place their will in writing in order for it to be enforced. If the testator decides to create a holographic (handwritten) will, the will must be entirely in their own handwriting. Additionally, the testator should have at least two uninterested parties to observe the signing of the will. If a witness to a will is also listed as a beneficiary, this could lead to a will contest as a will challenger may believe that a witness coerced a testator.
A will could be used to transfer property to beneficiaries named in the will. Beneficiaries named in a will could be family, friends, or even legal entities. A testator should think carefully about the individuals or entities they wish to name as beneficiaries. If a beneficiary believes that they were unjustly cut out from a will, this could lead to a will contest. A will contestant could allege that the testator did not have the capacity to draft a will or that the testator was coerced by another person to leave them out of the will.
It is important to have a will in order to avoid dying intestate. When a person passes away without a will, the laws of intestacy will allow the state to distribute their property in a manner they believe is consistent with the final wishes of the decedent. For example, the state would likely distribute the estate between the decedent’s spouse, children, parents, or siblings. However, this means that a decedent may be unable to provide for certain family members. For example, if a decedent wanted to leave property to a close friend, the state may not consider these wishes when distributing the decedent’s estate.
To learn more about establishing a will or trust, you should continue reading and speak with an experienced Bentonville estate planning attorney.
Benefits of Establishing a Trust in Bentonville, AR
A trust is another estate planning tool that is used to convey property or other assets to beneficiaries. The creator of the trust, also known as the grantor, can transfer assets into the trust for use by a beneficiary. The grantor can also serve as the trustee of the trust or appoint another individual to manage the trust assets.
There are multiple types of trusts that can be established by a grantor. However, living trusts are most commonly used. Living trusts can be divided into revocable trusts and irrevocable trusts. Revocable trusts permit the grantor to alter beneficiaries, terms of the trust, and property placed within a trust. Alternatively, irrevocable trusts do not allow a grantor to alter a trust after it has been established. Each of these trusts also has other benefits that are not discussed above.
Our firm is here to help assess your estate planning goals and provide you with a plan that works for you.
Consult with Our Experienced Bentonville, Wills and Trust Attorney Today
If you wish to draft a will or create a trust, you should contact an experienced Bentonville wills and trust attorney as soon as possible. Our firm knows the substantial impact of passing away without a will, and we are here to help you avoid that possibility. To schedule a confidential consultation to discuss your estate planning goals, contact Gunn Kieklak Dennis, LLP at (479) 717-9068.