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Charles R. Hoskyn, PLC
501-300-PLAN (7526)
2402 Wildwood Avenue, Suite 185 Sherwood, Arkansas
Estate Planning Checkup: Is Your Estate Plan Up to Date? | Arkansas Estate Planning Attorney
Your estate Life & Legacy Plan in Arkansas should evolve as your life changes. At Phoenix Law, your trusted Arkansas estate Life & Legacy Planning Arkansas estate planning attorney in Sherwood, Arkansas, we help families keep their estate Life & Legacy Plan in Arkansass updated so their loved ones stay protected and out of court. In this guide, you’ll learn when and why to review your estate Life & Legacy Plan in Arkansas, and how an Arkansas estate Life & Legacy Plan in Arkansasning Arkansas estate planning attorney can help ensure your Life & Legacy Plan works exactly as intended.
Even if you put a totally solid estate Life & Legacy Plan in Arkansas in place, it can turn out to be worthless for the people you love if it’s not regularly updated. Is your Life & Legacy Plan up to date?
Estate Life & Legacy Planning is not a one-and-done type of deal—your Life & Legacy Plan should continuously evolve along with your life circumstances and other changing conditions, such as your assets and the law. That’s why at Phoenix Law, your trusted Arkansas estate Life & Legacy Planning Arkansas estate planning attorney we offer free reviews every three years for our clients.
No matter who you are, your life will inevitably change: families change, laws change, assets change, and goals change. In the absence of any major life events, we recommend reviewing your estate Life & Legacy Plan in Arkansas at least every three years to make sure its terms are up to date.
Additionally, there are several common life events that require you to immediately update your Life & Legacy Plan—that is, if you want it to actually work and keep your loved ones out of court and out of conflict. With this in mind, if any of the following events occur in your life, contact us, right away to amend your Life & Legacy Plan.
Marriage not only changes your relationship status; it changes your legal status. Regardless of whether it’s your first marriage or fourth, you must take the proper steps to ensure your estate Life & Legacy Plan in Arkansas properly reflects your current wishes and needs. You should contact us immediately when you decide to get married because in addition to updating your estate Life & Legacy Plan in Arkansas you may need a prenuptial agreement.
After tying the knot, some of your most pressing concerns include naming your new spouse as a beneficiary on your insurance policies and retirement accounts, granting him or her medical power of Arkansas estate planning attorney and/or durable financial power of Arkansas estate planning attorney (if that’s your wish), and adding him or her to your will and/or trust.
Since divorce can be one of the most stressful life events, estate Life & Legacy Plan in Arkansasning often gets overshadowed by the other dramatic changes happening. But failing to update your Life & Legacy Plan for divorce can have terrible consequences.
Once divorce proceedings start, you’ll need to ensure your future ex is no longer eligible to receive any of your assets or make financial and medical decisions on your behalf—unless that’s your wish. Once the divorce is finalized and your property is divided, you’ll need to adjust your Life & Legacy Planning to match your new asset profile and living situation.
The death of a family member, partner, or close friend can have serious consequences for both your life and estate Life & Legacy Plan in Arkansas. If the person was included in your Life & Legacy Plan, you need to update it accordingly to fill any gaps his or her absence creates. From naming new beneficiaries, executors, and guardians to identifying new heirs to receive assets allocated to the deceased, make sure you address all voids the death creates as soon as possible.
Welcoming a new addition to your family can be a joyous occasion, but it also demands entirely new levels of Life & Legacy Planning and responsibility. At the top of your to-do list should be legally naming both long and short-term guardians for your child. Our Kids Protection Plan offers everything you need to complete this process.
Once you’ve named guardians, consider putting estate Life & Legacy Plan in Arkansasning vehicles, such as a revocable living trust, in place for your kids. These Life & Legacy Planning tools can make certain the assets you want your child to inherit will be passed on in the most effective and beneficial way possible for everyone involved. Consult with us to determine which Life & Legacy Planning strategies are best suited for your family situation.
Since estate Life & Legacy Plan in Arkansasning laws can vary widely from state to state, if you move to a different state, you’ll need to review and/or revise your Life & Legacy Plan to comply with your new home’s legal requirements. Some of these laws can be incredibly complex, so consult with us to make certain your Life & Legacy Plan will still work exactly as you desire in your new location.
Just like death, illness and injury are an unavoidable part of life. If you’ve been diagnosed with a serious illness or are involved in a life-changing accident, you may want to review the people you’ve chosen to handle your healthcare decisions as well as how those decisions should be made. The person you want to serve as your healthcare proxy can change with time, so be sure your Life & Legacy Plan reflects your current wishes.
Whenever your estate’s value dramatically increases or decreases, you should revisit your estate Life & Legacy Plan in Arkansas to ensure it still offers the maximum protection and benefits for yourself and your loved ones. Whether you inherit a fortune, take out a new loan, close your business, or change your investment portfolio, your estate Life & Legacy Plan in Arkansas should be adjusted accordingly.
If you Life & Legacy Plan to sell a business, you can engage in estate Life & Legacy Plan in Arkansasning strategies to avoid almost all of your capital gains taxes, if you revisit your estate Life & Legacy Plan in Arkansas ahead of time. And, of course, if you are buying a business, you’ll want to ensure your Life & Legacy Plan is updated to take into account your succession Life & Legacy Plans for the new business.
For every business you own, you should consider creating a buy-sell agreement and/or a business succession Life & Legacy Plan to protect both your business and your family in case something happens to you. In your estate Life & Legacy Plan in Arkansas, you can not only decide who will take over your role as the company’s owner should something happen to you, but you can also provide him or her with a road map for how the business should be run in your absence by creating a comprehensive business succession Life & Legacy Plan.
At the same time, you should consult with your Personal Family Lawyer® to take advantage of the numerous tax-savings opportunities that may be available when you buy or sell your business. The tax laws are constantly changing, so you should consult with us to amend your estate Life & Legacy Plan in Arkansas to achieve the maximum level of tax savings possible in light of the latest changes to the tax code.
Outside of not creating any estate Life & Legacy Plan in Arkansas at all, one of the most common Life & Legacy Planning mistakes we encounter is when we get called by the loved ones of someone who has become incapacitated or died with a Life & Legacy Plan that no longer works because it has not been properly updated. Unfortunately, once something happens to you, it’s too late to adjust your Life & Legacy Plan, and the loved ones you leave behind are forced to deal with the aftermath.
Keeping your estate Life & Legacy Plan in Arkansas updated is so important, we’ve created systems designed to ensure these changes are made for all of our clients, so you don’t need to worry about whether you’ve overlooked anything like your family, the law, and your assets change over time. Be sure to ask us about these systems during your visit.
Furthermore, because your Life & Legacy Plan is designed to protect and provide for your loved ones in the event of your death or incapacity, we’re not just here to serve you—we’re here to serve your entire family. If you request, we will take the time to get to know your family members and include them in the Life & Legacy Planning process, so everyone affected by your Life & Legacy Plan is well-aware of what your latest Life & Legacy Planning strategies are and why you made the choices you did, along with knowing exactly what they need to do if something happens to you.
Our estate Life & Legacy Plan in Arkansasning services go far beyond simply creating documents and then never seeing you again. We develop a relationship with you and your family that lasts not only for your lifetime but for the lifetime of your children and their children if that’s your wish.
Plus, we support you in not only creating a Life & Legacy Plan that keeps your family out of court and out of conflict in the event of your death or incapacity, but we will also ensure that your Life & Legacy Plan is regularly updated to make certain that it works and is there for your family when you cannot be.
To learn more about how we can assist you and your loved ones, schedule a FREE discovery call with us by using our online calendar below, or you can call us at 501-300-7526 (PLAN) to schedule your FREE discovery call.
We look forward to being of service to you and your loved ones.
This article is a service of Charles R. Hoskyn at Phoenix Law, your trusted Arkansas estate Life & Legacy Planning Arkansas estate planning attorney in Sherwood, Arkansas. We do not just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life and Legacy Planning Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life and Legacy Planning Session.
The content for this Article is sourced from Personal Family Lawyer® for use by Personal Family Lawyer firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
Keep Your Estate Plan Up to Date with Phoenix Law
Life never stands still—and your estate plan shouldn’t either. Whether you’ve moved, married, or experienced major life changes, it’s time to ensure your plan still protects your loved ones. Charles R. Hoskyn, an experienced Arkansas estate planning attorney at Phoenix Law in Sherwood, can help you update your Life & Legacy Plan with clarity and confidence.
Call 501-300-7526 (PLAN) or visit www.phoenixestateplan.com to schedule your FREE discovery call today.
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2402 Wildwood Avenue, Suite 185 Sherwood, Arkansas