We would like to thank everyone for voting for us for Best of Northwest Arkansas Contest 2023! The results will be announced shortly!
Elderly couple speaking to an attorney

Do I Need a Last Will and Testament?

A last will and testament is an essential legal document. However, it is not a part of typical estate planning and should only be considered when individuals have many assets. A lawyer or other professional will create the last will and testament, which contains instructions for where an individual's assets go after they pass away.

Benefits of Having A Last Will and Testament

A major benefit of having a last will and testament created by an attorney is that the language of the document can be more precise and clear. This makes it easier to interpret in court, saving a family a significant amount of time and money. An individual should get a last will and testament if they have a large estate that will likely generate disputes after death.

Requirements for Having A Last Will and Testament

To create a valid will, an individual must be mentally competent at the time it is written or signed. It is also required for anyone under the age of 18, except for adopted children over the age of 15. People who have minor heirs may want to wait until their kids are adults before making this decision. Some individuals may still feel inclined to leave something behind for them even after they no longer need financial support from their parents.

Any assets that are part of the will remain under the name of the person who created it until they pass away. However, it is possible to transfer assets into a revocable living trust to prevent this from occurring if someone doesn't think certain assets should be included in the will. If an individual's only reason for leaving something in their last will and testament is so that he or she can control how it's used, then a living trust would be better suited to allow for more flexibility.

Contact our Estate Planning Team Today

It is essential to have a last will and testament created by an attorney, but it's also wise to consider the benefits of living trusts. A trust allows for more flexibility in what you leave behind after death than a will does, and expressing these wishes to an attorney can be very wise during the estate planning process.

To make sure your wishes and interests are held intact for the future, contact our seasoned team today through our website or give us a call at (479) 888-2039!