A trust is a legal tool for managing assets for someone else's benefit. The trustee manages the assets, and the beneficiary benefits from them. Trustees must act in the beneficiary's best interest. Beneficiaries can ensure trustees follow the rules. Understanding...
Creating a will provides an opportunity to protect your assets and ensure they reach the intended beneficiaries. There are several ways you can use a will to safeguard your assets from creditors, lawsuits or future disputes. Careful planning can provide long-term...
Estate planning helps ensure assets go to the right people. However, some individuals take advantage of others to change wills or trusts unfairly. The law refers to this action as “undue influence,” and it often happens when someone pressures an elderly or sick...
Ancillary probate is a legal process that occurs when a deceased person owns property in more than one state. When this happens, the primary probate case takes place in the state where the person lived, while an additional probate process is required in any other...
Choosing the right executor for a will is an important decision that can impact the management and distribution of your estate. In Arkansas, the executor plays a key role in ensuring the fulfillment of your wishes according to state law. Understanding the...
Irrevocable trusts play a vital role in estate planning, offering asset protection and tax advantages. However, changing circumstances may require modifications or even termination of these trusts. While irrevocable trusts are designed to be unchangeable, legal...
Handling debts and taxes is a critical part of estate administration. Executors must follow specific steps to ensure that creditors and tax authorities are paid while protecting the estate’s assets for heirs and beneficiaries. Identifying debts and obligations The...
Estate administration ensures that a person’s assets are managed and distributed after death. Many people wonder how long this process will take. Several factors determine how quickly or slowly someone can complete it. Factors that affect estate administration...
Establishing a trust strategically manages estate taxes and ensures assets align with an individual's wishes. Trusts offer benefits that can help reduce potential inheritance tax liabilities, making them an effective estate planning tool. Reducing taxable estate...
Probate settles a person's estate after their death. The rules surrounding jointly owned property can be complex, especially when survivorship rights are involved. Understanding how probate interacts with these situations clarifies what happens to property ownership...