Hot Springs Estate Planning Lawyers

Arizona attorneys draft legacy plan documents

Estate planning encompasses all the ways of ensuring your assets are protected during your lifetime and distributed according to your wishes when you pass away. A comprehensive estate plan can safeguard your wealth, minimize taxes, provide for your retirement and protect your future health. For 150 years, the Hot Springs estate planning lawyers at Schnipper, Britton & Stobaugh have provided sound and reliable legal advice to clients throughout Arkansas. We will devote ourselves to helping you secure a bright future for yourself and your family.

Important components of an estate plan

An effective estate plan typically consists of several key documents. These include:

• Wills — A will directs how to distribute your property after your death. You can also name guardians for minor children. Without a will, Arkansas intestate law will determine the distribution of your assets, regardless of your desires.
• Trusts — A trust is a legal entity that holds assets for the benefit of third parties. Trusts can help manage property during your lifetime and direct its transfer to beneficiaries after your death, avoiding the probate process.
• Powers of attorney — This document designates a trusted person, known as your agent, to make financial or legal decisions on your behalf. You can choose whether to create a durable or non-durable power of attorney, depending on your needs.
• Healthcare directives — Also known as a living will or medical power of attorney, an advance directive states your preferences for medical treatment to be given or withheld in the event you become unable to communicate. 

An estate plan can also include certain assets, such as life insurance policies and retirement accounts, that designate beneficiaries to whom the assets pass automatically upon your death.

How an estate plan protects assets to ensure financial security

An estate plan can employ irrevocable trusts for asset protection. Assets held in this type of trust are technically not your property, so creditors and claimants have trouble accessing them. For the same reason, the trust can protect against estate taxes. A trust also allows you to place conditions on disbursements of assets, so you can provide ongoing support for a beneficiary with special needs, or for one who cannot own more than minimal assets in order to remain eligible for government benefits.

Avoid probate with a comprehensive estate plan

Probate is the legal process of validating a will and distributing the decedent’s assets. Probate can be time-consuming, costly, and public. By incorporating a trust into your estate plan, you can transfer assets directly to beneficiaries without going through probate. Assets that provide for transfer on death or payment on death, as well as jointly owned assets with the right of survivorship, can also go to beneficiaries without going through probate. This can save time and money for your loved ones, so that your assets can be distributed quickly and privately.

How estate plans can protect aging adults

We must all guard against the vulnerability of our health that comes with age. An estate plan provides protection by authorizing a trusted individual to act as your agent for healthcare decisions and financial management if you should become disabled. Your agent can also be a guardian against elder abuse, whether by financial scammers or a neglectful staff of a nursing facility. A well-structured plan can even help you manage high medical expenses by letting you access Medicaid for long-term care.

The role of a Hot Springs estate planning lawyer

A skilled estate planning attorney can help you create a comprehensive estate plan tailored to your needs. We guide you through the legal complexities of drafting a will, setting up trusts and creating powers of attorney and healthcare directives. We can also assist with tax planning aimed at minimizing the tax burden on your estate. As your life circumstances change, our lawyers can make adjustments to your plan, ensuring that all components are up-to-date and continue to serve your needs.

Contact our trustworthy estate planning lawyers in Hot Springs

Schnipper, Britton & Stobaugh creates comprehensive estate plans tailored to Arkansas clients’ specific concerns. To schedule an appointment with a dedicated attorney, call us at 501-762-0887 or contact our office online.