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.
If you have had a loved one pass away and the person's estate is now in probate in Arkansas, you may have the ability to contest the will if you feel it does not reflect the true wishes of the deceased. Contesting a will is a serious matter as it is expecting the court to make a ruling that could change the apparent expressed wishes of a person. There are some guidelines for allowing a will to be contested, according to the Arkansas Circuit Courts.
If you live in Arkansas and someone has named you as an executor over his or her estate, you may be new to the process, but trying your best to get everything right. Losing a loved one often proves difficult enough, but if problems arise during estate administration, this can, in some cases, lead to litigation, complicating matters even further. At Gramling Estes Law Firm, we understand that many executors make similar mistakes during the estate administration process, and recognizing where these errors often arise may help you learn to avoid them yourself.
As you create your estate plan in Arkansas, one of the decisions you will have to make is who the executor will be. While you can choose anyone you want and even choose more than one person, this choice is very important. You should take time to weigh your options and ensure that you choose someone who will be able to handle the job. Keep in mind that your executor will manage your estate after you die. That is a lot of responsibility. Here is some insight into what makes the best estate executor.