Estate Planning
What is Estate Planning?
Put simply, Estate Planning is the process of preparing a plan for what will be done with one's estate using a variety of legal tools, including a Will, Trust, Power of Attorney, Special Needs Trust, and more. The purspose of estate planning is to eliminate any confusion about what is to be done with one's estate after that person has passed. This is an important process because it allows the owner of the estate to make sure that their estate will be handled and distributed according to their wishes after their death.
Why is Estate Planning Important
The Elder Law Practice of H. Todd Whatley has been helping the elderly in Arkansas with their estate planning needs since 1999. Proper estate planning is one of the most, if not the most important thing that a person can do to ensure that they, as well as their family, will be taken care of before and after their death. It is very important that you don’t put off your end of life planning. By planning your estate properly, you will ensure that your family and beneficiaries, the people you love the most, will be taken care of in the way that you intended, and that your estate will be properly distributed according to your wishes after you are gone.
At the Elder Law Practice of H. Todd Whatley, we have the experience and the desire to help all Arkansans who wish to properly plan their estate. We will help guide you through all aspects of this process, from creating a durable power of attorney, a will, setting up trusts, avoiding probate, and even setting up special needs trusts if you have a loved one with a disability that you want to ensure will be taken care of even when you are gone.
As one of only two certified Elder Law Attorneys in the state of Arkansas, Todd and his staff are experts on estate planning laws in the state of Arkansas. We have helped numerous Arkansans with their Estate Planning needs and we can do the same for you. We have offices in Bryant, Springdale, and Fort Smith, but no matter where you live in the state of Arkansas, we would love to help you.
What is the Most Important Document for an Elderly Person to Have?
At the Elder Law Practice of H. Todd Whatley, we feel that the most important document for the elderly person is the Durable Power of Attorney. A Durable Power of Attorney is a document that will allow someone else to manage your financial, housing, and medical needs. It is a good idea to have a Durable Power of Attorney if you are over the age of 18. However, it is imperative that you have one if you are elderly. This Durable Power of Attorney allows you to choose who will do this job. It provides convenience for you and your family when you are “out of pocket” and especially if you become incapacitated. Having a good Durable Power of Attorney allows you to avoid a guardianship (in all but very rare circumstances).
End of Life Health Care Issues
The end of life issues became very prominent in our society during the summer of 2005 with Terri Schiavo. She was an example to all of us for the importance of having a good Advanced Directive (or Living Will). This document tells the health care personnel what you want done, or don’t want done, when you are permanently unconscious or terminally ill. You need to have this document done appropriately so that your wishes are honored rather than ignored.
To learn about Probate, and how you can help your family avoid it, click here. |