Springdale, AR Wills and Trust Lawyer
Estate planning is a necessity for any person that wishes to pass on property and other items to family members. Drafting a will or establishing a trust can be a difficult topic for some people because it requires them to acknowledge their mortality. However, it is important to recognize all the benefits that estate planning could have for you and your family. If you need assistance establishing a will or trust, you should contact an experienced Springdale wills and trust lawyer today.
At Gunn Kieklak Dennis, LLP, our committed Springdale wills and trusts lawyers are prepared to help you draft an estate plan that meets your unique needs. Our firm recognizes the need to provide for family at the time of your death, and we are here for you. To schedule a confidential consultation to discuss your estate planning goals, contact Gunn Kieklak Dennis, LLP at (479) 439-9840. You can also contact the firm online.
Requirements for Drafting a Will in Springdale, AR
A will is an estate planning tool that allows an individual to make plans to distribute their property at the time of their death. It has often been a misconception that only the wealthiest of people should engage in the drafting of a will. However, we believe that every person should have a will to ensure they provide for their family after they pass away.
To draft a valid will, the creator of the will, also known as the testator, should be aware of all the property they own. This includes personal property, vehicles, bank accounts, stocks, real estate, and any other form of property held by the testator. Failing to mention property in the will can create other problems when distributing the decedent’s estate.
The testator must also possess a sound mind to draft a valid will. This means that if the testator has a mental illness like Alzheimer’s or a similar illness that affects mental capacity, they may not have the ability to draft a valid will. If a testator is not of sound mind, this can lead to questions of whether they were coerced into drafting a will.
Additionally, a will must be signed by the testator for it to be valid. The signature must be signed at the end of the will. A testator can also request that another person sign their name to the will if they are unable.
Arkansas requires that at least two witnesses must sign the will with the testator for the will to be valid. It is recommended that the witnesses be uninterested parties that do not share as beneficiaries in the testator’s will. This can help avoid will contests from family members that believe the witnesses attested to an invalid will.
It is important to note that Arkansas permits a testator to draft holographic wills. Holographic wills are wills that are handwritten by the testator. However, the testator must write the entire will in their own handwriting. Oral wills are not valid in Arkansas.
If a will does not meet the above requirements or a family member feels they were incorrectly cut out of a will, this could lead to a will contest. Will contests can be based on a number of grounds. For example, if a family member feels that a friend of the testator took the lion’s share of the testator’s estate due to coercion, the family member can allege the testator suffered from undue influence. Additionally, if there are multiple copies of a will, a will challenger may allege that an older or newer version of the will was the version the testator intended to use.
If you are concerned about drafting a valid will, you should speak with an experienced Springdale wills and trust lawyer as soon as possible.
How a Trust Can Benefit Your Estate Plan in Springdale, AR
Trusts are another essential tool that should be considered when creating an estate plan. Trusts are used to transfer assets and other property to beneficiaries named by the creator of the trust. After the creation of a trust, the creator can then appoint a trustee to manage the assets for the beneficiaries of the trust. However, the creator of the trust can also serve as the trustee.
There are two types of trusts that are commonly utilized: revocable trusts and irrevocable trusts. A revocable trust allows the trustee to transfer and remove assets from the trust at any time after the creation of the trust. Additionally, revocable trusts allow beneficiaries to be added or removed from the trust. Irrevocable trusts do not allow the trustee to remove assets from the trust once they have been transferred.
Our firm can help you determine whether a trust would be useful depending on your estate planning needs.
Consult with Our Experienced Springdale, AR Wills and Trust Attorney
If you or a family member require legal assistance to draft a will or establish a trust, you should consult with an experienced Springdale wills and trust attorney as soon as possible. The legal team at Gunn Kieklak Dennis, LLP, possess decades of combined legal experience, and we are dedicated to providing you with the legal representation you deserve to manage your estate. To schedule a confidential legal consultation to discuss your case, contact Gunn Kieklak Dennis, LLP at (479) 439-9840. You can also contact the firm online using our online submission form.