Arkansas Estate Planning Law Firm in Springdale
Northwest Arkansas Estate Planning for Minor Children
Show Your Family How Much You Care
Feel secure, maintain control, and have peace of mind by Protecting you, your loved ones, and assets the best way possible
Without a Plan You are Leaving Legal Mess for Your Family
- If you don’t plan, Arkansas has written a plan for you
- Without an estate plan, Arkansas will automatically use its default plan for your estate
- Your family will pay the price in pain, expenses, time, and frustrations of probate and more legal messes
- Leave an expensive and time consuming legal mess for your family to cleanup
- You don’t decide gets what, when, how, and how much…a Judge does
- If you’re suddenly incapacitated, and you can’t make decisions for yourself who will make those decisions for you?
It doesn’t have to be that way.
Protect Your Minor Children With an Estate Plan
You get to decide who will manage their money, what it is used for, and when they get it. You also get a say in who will raise your children…instead of a Judge alone.
Protect Your Home From the Nursing Home and Probate With an Estate Plan
Don’t give it all to a nursing home. Don’t lose a big chunk to probate. Know somebody you know and trust will be in charge when you can’t be.
Rest Easy & Stop Worrying When Your Estate Plan is Done
Your plan will give you peace of mind and confidence that you’ve done all you can to protect you, your family, and your money the best way possible.
We Understand…Estate Planning Seems Hard and Intimidating so We’re Here to Help
Estate planning can be intimidating and seem difficult. Not only are you forced to think about what happens when you die, but you also have to make potentially family and life altering decisions.
The good news is — it doesn’t have to be this way!
With a little help, you can be sure that your assets go to whom you want, when you want, and in the way that you want. I offer a free 15-minute call just to get to know each other and Discover if … and how … I can help you. Book a call now.
Your Guide to Success
I know first hand how hard it is to lose somebody and the headaches that follow. I know the importance of having a plan in place.
My father passed away of a sudden heart attack in 2010. Because of this, mom and I had to take the family ranch through probate – for the third time since 1975. This was an extremely long and stressful process and it is the last thing that anyone wants to go through while they are mourning.
I decided then and there a better way must exist. And it does. That better way is an effective estate plan.
I’ve helped 1000’s of families avoid probate and other legal messes.
The Best Wills and Trusts Attorney
The Best Elder Law
Three Simple Steps – Leave Nothing to Chance
Estate Planning – The Superior and Only Effective Way
Estate planning is the superior and the only effective way to protect what you have from the nursing home, avoid probate, and prepare for incapacity for your peace of mind and quality of life
Estate planning is about preparing for the management of your affairs and distribution of your assets during and after your lifetime. A great estate plan will minimize (or eliminate) taxes and other major expenses like probate and losing it all to a nursing home. A plan also prepares for any chance of incapacity in the future. Plans allow your family to act instead of react when time matters most.
A great plan answers these questions, and more:
- Who will raise and care for my children if I can’t?
- How can I save my house from the expenses of nursing home care and ravages of probate?
- How can I make it easier on my family during already hard times by avoiding probate and other legal messes?
- How do I assure who gets what, when, how, and how much and manage it wisely?
- Who will manage my assets and affairs when I’m incapacitated?
As a parent, one of your top priorities is ensuring the well-being and security of your children. However, unforeseen circumstances can occur, and it is important to have a solid estate plan in place to ensure that your minor children are taken care of if something happens to you. In this article, we will explore the key elements of estate planning for minor children.
Introduction to Estate Planning for Minor Children
When it comes to estate planning, many people assume that it is only relevant to those with significant assets or complicated financial situations. However, estate planning is essential for anyone with minor children. If something were to happen to you and your spouse, you want to ensure that your children are taken care of according to your wishes.
Naming Guardians for Minor Children
One of the most important elements of estate planning for minor children is naming a guardian. This is the person or people who will assume responsibility for your children if you and your spouse are no longer able to care for them. Choosing a guardian can be a difficult decision, but it is important to consider factors such as the individual’s values, parenting style, and willingness to take on the responsibility.
Creating a Will
A will is a legal document that outlines your wishes for the distribution of your assets after you pass away. It is important to have a will in place, especially if you have minor children. In your will, you can name a guardian for your children, specify how your assets will be distributed, and name an executor to manage your estate.
Setting up a Trust
In addition to a will, it is important to consider setting up a trust for your minor children. A trust is a legal arrangement in which assets are managed by a trustee for the benefit of the beneficiaries. By setting up a trust, you can ensure that your children’s inheritance is protected and managed according to your wishes.
Establishing a Power of Attorney
A power of attorney is a legal document that gives someone else the authority to make decisions on your behalf if you become incapacitated or unable to make decisions. It is important to establish a power of attorney for both medical and financial decisions.
Life Insurance
Life insurance is an important consideration when it comes to estate planning for minor children. It can provide financial support for your children if something were to happen to you or your spouse. When choosing a life insurance policy, it is important to consider factors such as the amount of coverage needed and the length of the policy.
Letter of Instruction
A letter of instruction is a non-legal document that outlines your wishes for the care of your children. It can include information such as your children’s daily routine, medical information, and other important details that can help a guardian care for your children according to your wishes.
Considerations for Blended Families
If you have a blended family, estate planning can become more complicated. It is important to ensure that your estate plan reflects your wishes for the care of your children and the distribution of your assets. It is also important to communicate openly with all family members involved to avoid misunderstandings or conflicts.
Updating Your Estate Plan
Finally, it is important to remember that estate planning is an ongoing process. As your family grows and changes, it is important to review and update your estate plan regularly to ensure that it reflects your current wishes and circumstances.
Conclusion
Estate planning for minor children is an important consideration for any parent. By naming guardians, creating a will and trust, establishing a power of attorney, and considering other important factors, you can ensure that your children are taken care of according to your wishes if something were to happen to you. Remember to review and update your estate plan regularly to ensure that it reflects your current circumstances.