Estate Planning for Arkansas Families
Crouch, Harwell, Fryar & Ferner, PLLC, has decades of experience in estate planning for families in Northwest Arkansas. We tailor each personalized plan to the needs and budgets of our individual clients.
Your "estate" simply consists of everything you own - from your savings, car, and home to investment and business interests. Early estate planning brings peace of mind and can address your property and make plans for your family's future and your own medical care. It can ensure a more comfortable retirement and protect your hard-earned resources for the benefit of your family. The cost of preparing an estate plan is usually less than the taxes and probate fees you save through careful planning.
The Purposes of an Estate Plan
An estate plan is more than a will. It certainly includes instructions for distributing money or property when you pass away, but it also allows adults of all ages to plan for retirement, for possible medical needs, and for the needs of their spouses or children. Just some of the purposes of estate planning are:
- Tax planning to maximize the assets available for future needs
- Strategizing investments to provide for retirement
- Establishing your wishes with regard to medical care or how your affairs are managed if you become ill
- Naming guardians and providing financial support for minor children
- Providing for special needs children
- Succession planning for family-owned businesses and other ownership interests
- Avoiding disputes when you pass away
- Giving peace of mind to loved ones that your affairs are in order
Creating an estate plan takes the burden of difficult decision-making off of your loved ones. It can also allow them to avoid the often complex and time-consuming probate process.
The Parts of an Estate Plan
We will work with you to draft each part of your estate plan and related documents. We are also available to administer your estate so each detail is taken care of in the future. Just some of the documents we can create for you are:
- Trusts (including revocable, irrevocable, and special needs trusts)
- Durable powers of attorney
- Healthcare powers of attorney and living wills
- Beneficiary deeds
A durable power of attorney is particularly important: it will allow a trusted family member or other individual to make financial decisions for you or your estate if you are unable to make those decisions yourself. Likewise, healthcare powers of attorney identify the person or persons who will make your healthcare decisions if you are unable to competently make or communicate those decisions. Where there is no power of attorney, you and your loved ones may be required to await a time-consuming and costly court appointment of a guardian of your person and estate.
Beneficiary deeds are also useful to transfer real property, such as your home, upon your death without engaging in the probate process.
Crouch, Harwell, Fryar & Ferner, PLLC, is happy to assist you with all of your estate planning needs. Contact us today at (479) 751-5222, by e-mail at email@example.com, or using our contact form to discuss how you and your family can benefit from our years of experience.