Many Arkansas residents and other Americans across the country only first discover the truly broad-based utility of estate planning when they engage in a candid and comprehensive discussion with a proven estate administration attorney.
And here is why: Although legions of people know that drafting a will is a core planning objective, many of those individuals do not as keenly appreciate that tailored planning also typically addresses many other fundamentally important matters. We duly note on our website at the Little Rock estate planning law firm of Robertson, Oswalt, Nony & Associates that, “There is much more to [the process] than simply drafting documents.”
That planning-centric reality is spotlighted by a financial writer in a recent Forbes article. Retirement Watch editor Bob Carlson stresses in that publication that many estate plans respond to key family goals across a truly wide spectrum of concerns.
A will is typically important, to be sure, but many other considerations are prominent, too. Many planners are couples with children, which often raises concerns surrounding guardianships. Some families are blended and often changing, which can introduce new variables and complexities into the planning mix. Laws governing estates change. Families relocate from one state to another. Assets can materially grow or wane over time. Babies are born. Older loved ones pass away.
All those things, and additional matters, underscore the reality that no executed estate plan remains bullet proof forever.
“If you have an estate plan, your work isn’t done,” states Carlson, who flatly adds that plans “need to be reviewed and revised from time to time.”
We’ll take a closer look at some of Carlson’s planning tips and thoughts on administration updates in our next blog post.