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Current events may have some considering estate planning

On Behalf of | Aug 24, 2020 | Estate Planning

Different events can spur individuals into thinking more closely about their end of life affairs. With the current state of global affairs, many people in Arkansas and across the country may be giving estate planning its due consideration. Whatever causes a person to think about making these plans, it is important to know where to start.

Many people’s first instinct when it comes to this type of plan is to create a will. This is a good instinct to have because a will can act as the cornerstone of any comprehensive plan. This document can allow parties to indicate who they want to act as the executor of the estate and who they want to act as the guardian of any minor children they have. Of course, a will can also include details regarding property distribution and more.

In most cases, it is important not to stop at just a will. What many people do not realize is that estate plans can be helpful even before a person’s passing. If an individual becomes seriously ill or injured and cannot express his or her own wishes, having a person appointed to handle medical decisions and financial affairs is vital. Fortunately, an estate plan can include an advance health care directive to explain care wishes and power of attorney documents to appoint responsible parties to handle important decisions on behalf of the incapacitated person.

Estate planning can be a long process, but it is often because Arkansas residents want to the thoughtful and thorough with their plans. Each person and estate is different, so each plan is different. Parties interested in getting their affairs in order may want to contact experienced attorneys who can go over the various planning options and help create a solid plan.