An Estate Planning Lawyer Protecting Your Future And Providing Peace Of Mind

At Tapp Law Firm, we believe estate planning is essential for everyone, regardless of their background or stage in life. Major life changes, such as divorce, the birth of a child, retirement or a serious medical diagnosis, make estate planning all the more important. By establishing an estate plan that is tailored to your wishes and situation, you can have peace of mind that your wishes will be respected and your loved ones will be cared for in the face of life’s uncertainties.

For years, Tylar Tapp has served clients across Arkansas with dedication and integrity. He will be committed to guiding you through life’s legal challenges with open, honest communication. He is well-versed in the nuances of estate planning and probate proceedings under Arkansas law and will provide tailored guidance to meet your unique needs. We have built a strong reputation for excellence and are proud to be a full-service law firm that prioritizes your interests.

What Goes Into An Estate Plan?

Creating an estate plan may involve several key components, including the following:

• Wills and trusts: These establish your wishes and protect your assets.
• Powers of attorney: These appoint someone to make decisions on your behalf in the event of incapacity.
• Living wills: These communicate your wishes regarding medical care and end-of-life measures.

The right estate plan can help you accomplish your estate management goals. Living trusts, for example, can help you avoid probate. Irrevocable trusts are invaluable for asset protection. Additionally, certain types of trusts can help minimize estate taxes. Attorney Tapp will work closely with you to put the right tools into place for your situation.

What Is The Difference Between A Will And A Trust?

A will is a legal document that outlines how you want your assets distributed after your death. If you have minor children, you can also recommend guardians for them in the event that something happens to you. A will can provide for your desires regarding your funeral and what to happen with your remains. In most instances, a will is more than sufficient to resolve issues occurring after your death. A trust, on the other hand, can manage your assets during your lifetime and beyond. Trusts can provide more privacy and control over asset distribution. They are more flexible than wills and can accomplish a wide range of goals. A trust can also preserve assets from a beneficiary who is not financially savvy or provide for ongoing business operations after your death or disability. Trust can even provide for your pets after you are gone.

What Happens If Someone Dies Without An Estate Plan In Arkansas?

If someone dies without an estate plan, their assets will be distributed according to state law. This process, called intestate succession, may not align with the deceased’s wishes and can lead to prolonged legal proceedings. That’s why it’s so important to establish an estate plan.

When Should You Update Your Estate Plan?

Creating an estate plan is an important first step, but keeping it up to date is just as important. People often ask when the right time is to update their will and related documents. Below are the life events that should be reflected in your estate plan:

• Marriage or divorce: Both of these events will require changes to your estate plan. Because your spouse may be the primary beneficiary of much of your estate, it is critical that you keep this information current. They may also be your power of attorney and health care proxy.
• New job or a job loss: Whenever there is a significant financial gain or loss, you may need to update parts of your estate plan.
• Retirement: Depending on your circumstances, you may have more or less money after retirement. You may also want to add or remove heirs and beneficiaries. If you move to another state after you retire, you will also need to update your estate plan.
• Moving: If you move to a different state at any point in your life, you will need to update your estate documents. Estate planning is very state-specific, so it’s important to make the changes right away.
• Birth of a child: When you have a child, or there is another heir or beneficiary you wish to add, you will need a lawyer’s help to amend your will and any relevant trusts.
• Death in the family: If your spouse, child or other heir or beneficiary passes away, you may need to update parts of your estate plan.
• Gift or inheritance: Any large influx of money can also be a reason to change your estate plan.
• Changes in tax law: Whether it is at the state or federal level, changes in tax law may affect your estate plan.
• Business acquisition or sale: If you own a business or are planning to purchase or sell one, you will likely want to update your estate plan.

If you have questions about additional reasons to update your Arkansas estate plan, just contact us. We will review your current estate plan and discuss your options with you. You can rely on our experience drafting and maintaining estate planning documents.

Start Planning Your Future

Ready to take the next step? Contact us online or by phone at 501-623-9800 for a free initial consultation to discuss your estate planning needs.