Despite the best efforts of estate planning experts both in Fayetteville and throughout the rest of the U.S., a majority of American adults do not have a will. When one to whom you would be a presumed heir dies intestate (without a will), you may think that you and your fellow heirs are in for a significant legal battle over you gets what from their estate. Many clients come to us here at the Gramling Estes Law Firm expecting the same thing, only to then learn that the state has already decided how their loved ones' estates will be dispersed.
Managing your estate is not always an easy process. Trying to please everyone and not create hard feelings is tough. However, when you need to divide the family farm in your estate, things can escalate quickly if your heirs do not agree with your decision. You can make sure your Arkansas farm stays operational long after you are gone by making smart decisions when it comes to your estate planning.
Social media is a part of daily life for many people in Arkansas. It is often something people engage with on a regular basis. It becomes an asset, containing information, photos and memories. As an asset, you might consider how it will play into your estate plan. Forbes suggests including social media accounts in your will or other estate documents so your executor can access the accounts when you die.
If you have recently suffered the loss of a loved one in Arkansas, you probably hope that your family can come together to support and help one another in this difficult time of grieving. We at Gramling Estes Law Firm hope that will be the case for you and your family, but unfortunately, it is not uncommon for disputes over wills and trusts to arise in the wake of a death, tearing families apart at a time that they should be coming together. Though it is not pleasant, sometimes the only way to resolve these matters is through litigation.
When you decide to start planning your estate, you may immediately begin thinking of your end-of-life desires, who you want to gift your assets to and how to organize essential documents that will identify your wishes. While all of these aspects are important, executing your plan will require the assistance of a lot of people. At Gramling Estes Law Firm, we have helped many families in Arkansas to articulate and coordinate an effective estate plan.
A trust is a great estate planning tool for people in Arkansas. When creating a trust, you’ll also need to select a trustee, which is the person responsible for overseeing your estate affairs. Because being a trustee entails a lot of responsibility, AARP offers the following advice to people looking for a reliable trustee.
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.
If you’re creating an estate plan in Arkansas, you may be concerned about conflicts arising after you’re gone. Unfortunately, many families struggle with the final decisions of the deceased when it comes to assets and properties, and this can lead to a contested estate plan and the formation of lifelong rifts between your loved ones. While you can’t always prevent conflicts from occurring, Kiplinger offers the following advice so you might decrease the risk.
If you have been named a guardian in an estate over a minor child or adult, then it is imperative that you understand what your responsibilities are. Being a guardian is a very serious matter than requires you to do specific things. According to the Arkansas State Legislature, you can even be held personally liable if you make the wrong decisions as a guardian.
If a loved one passes away in Arkansas, you may wonder if you have to pay taxes on the estate. While there are many states that do charge various estate taxes, Arkansas is not one of them according to USA Today. In fact, you probably will not have to pay any estate taxes at all because federal taxes only kick in when the estate has a very large value, like over $5 million.