The Riddle Firm, PLLC

Estate Planning and Elder Law Blog Digest

Arkadelphia, Hot Springs and Little Rock, Arkansas

Category: Probate

Probate services refer to the legal services provided to individuals or families involved in the administration of a deceased person’s estate. These services typically involve the court-supervised process of distributing the deceased person’s assets and properties to their beneficiaries or heirs according to their will or state laws if there is no will. Probate services may include drafting and filing legal documents, representing clients in court, resolving disputes between beneficiaries, managing estate assets, and advising clients on tax implications and strategies for asset protection. The goal of probate services is to ensure that the estate is distributed in an orderly and fair manner while minimizing costs and maximizing the value of the estate for the beneficiaries. Probate services are often provided by lawyers, but may also be provided by other professionals such as estate planners or financial advisors.

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Beyond not making a will at all, here are the biggest mistakes estate planning attorneys see clients make.
A retired farmer has one child working on the farm, while a second child lives far away. The man thinks he doesn’t need a will because his situation is straightforward, and the children will work things out since they’re smart and respectful. This approach is asking for trouble on many different levels. The article, “If you’re relying on your kids to ‘just figure it out’ after you’re gone, here’s your wake-up call,” appearing in Tri State Alert, explains just how many problems this mindset can create. Even before addressing the distribution of assets, the family may face a long-term care…
A pour-over will catches assets that miss your trust, keeping your plan intact and your heirs out of court where possible.
While heirs often expect inheritance to bring financial relief, it can also come with complications. In some cases, inheriting property or assets may mean dealing with outstanding debts tied to them.
Estate planning is a legal practice area where accuracy, nuance and context are non-negotiable.
Living trusts are powerful estate planning tools, but not every asset belongs in one. Knowing which property to exclude prevents complications and protects your legacy.
However, counting on an inheritance is a fragile strategy, especially when part of it is wrapped up in a family home.