While there are many people in Arkansas who have an estate plan, there are just as many, if not more who do not. You may wonder if you should have one. There is no hard rule about who should and who should not. It is common to wrongfully believe that you only need one if you have a high value of assets. In fact, there are many cases where you might need an estate plan even if you do not have many assets at all.
According to Fidelity, estate planning is really about looking out for your heirs after you die. While you certainly should have one if you have a complicated estate or you have high-value assets, it is also good to have one if you have many assets, even if the value of them is not high. This can help to stop confusing or arguing over your assets after your death.
An estate plan is also a good idea if you have a special situation. This includes owning a business or having a blended family. In these situations, confusion is likely. Your plan allows you to specify what you want and ensure it happens. This is especially true if you have a concern over someone trying to contest your will or make trouble with the probate process of your estate.
There are a few other situations where an estate plan is handy. First, if you have a retirement account, it is nice to have an estate plan to ensure it is distributed properly. Second, if you want to give a fair amount of your assets to charity, an estate plan can ensure that happens and that everything goes smoothly. Finally, if you have minor children or a child who requires or will require care into adulthood, a plan enables you to make sure your child or children receive the right care from the person you appoint. This information is for education and is not legal advice.