How many seniors in Fayetteville and the state as a whole are participating in estate planning?
Nearly every senior can benefit from estate planning whether that means making sure a favorite charity is included in their will, their medical care is handled according to their wishes, or safeguards are in place to reduce the burden their death places on their loved ones. Sadly, many seniors don’t get around to doing it until it’s too late as illustrated by the following IRS statistics:
The distinction between simple and complex trusts is easily explained by an attorney. Both types offer advantages in certain circumstances, and the most important thing is always for seniors to make sure their final wishes are known before they pass on. Estate planning services in Fayetteville, Fort Smith, Springdale, and Rogers can help your senior figure out which type of trust to file and get started right away.
What are the main reasons that Fayetteville seniors don’t have a will or a living trust?
Have you ever asked a kid why they haven’t finished their homework yet and received a myriad of poor excuses in response? Many of the reasons seniors cite for not preparing a will yet are just as poor. The Generations Law Group provides some of the most popular reasons below:
- I haven’t gotten around to it
- I don’t have enough assets to leave anyone
- It is too expensive to set up
- I don’t know how to get a will or living trust
Many aspects of estate planning don’t involve money at all and even small inheritances can have a huge impact on recipients, so a lack of funds is never a valid excuse. Likewise, collaborating with a Fayetteville estate planning attorney is often more affordable than older adults realize. A lawyer can provide guidance on how to get started and even encourage seniors to sit down and do it.
How to choose the best estate planning attorney in Fayetteville
Choosing a Fayetteville estate planning attorney is an important decision that should not be taken lightly. First, make sure that every candidate you’re considering holds a valid license in Arkansas. Next, consider what types of assets your senior owns and look for lawyers who have experience in estates involving them. Bequeathing cash is not the same thing as transferring ownership of bonds or precious metals. You might also ask for referrals at this juncture but bear in mind that not all positive reviews tell the truth. A great estate planning lawyer in Fayetteville or nearby areas like Springdale, Fort Smith, or Rogers should also be upfront about what they will charge for their services. The final step should always be an interview with your older loved one to avoid any personality conflicts. Our comprehensive guide to choosing an estate planning attorney contains more information, so don’t be shy about taking notes as you read it.
Estate planning solutions for Fayetteville seniors
Older adults don’t want to think about dying and their loved ones don’t want to think about life without their beloved seniors. While perfectly understandable, this line of thinking leads to busy probate courts and heartbreaking inter-family conflicts. Instead, why not use the no-cost resources provided by Seasons to find your elder loved one a Fayetteville estate planning attorney who can help them make their final wishes known?
