Trusts are an estate planning tool that ensures your property is passed on to loved ones, friends, or your favorite charity when you die or help someone with special needs qualify for important public benefits. They are not for everyone, but is it true that a properly set up and funded trust can avoid the probate process and expedite the transfer of property upon someone’s death. It is important to work closely with your attorney when setting up a trust understand how the document works and its benefits and drawbacks.

Having an estate plan is essential, and a Will is one form of planning for who gets your property when you die. However, a Will does not avoid probate. A Will is a legal document that sets out where you want your property to go when you die. It also can state who you want to administer your estate (the executor) and who can manage your digital accounts after you are gone. A Will still requires going through a court process to transfer your property. A Will is useful and might be what you need; however, other options may be better if you wish to avoid probate, such as a living trust.

Having an estate plan is essential, and a Will is one form of planning for who gets your property when you die. However, a Will does not avoid probate. A Will is a legal document that sets out where you want your property to go when you die. It also can state who you want to administer your estate (the executor) and who can manage your digital accounts after you are gone. A Will still requires going through a court process to transfer your property. A Will is useful and might be what you need; however, other options may be better if you wish to avoid probate, such as a living trust.

The costs of nursing home care are very high. In Arkansas, the average nursing home charges around $6,000 per month to care for a resident. Most people do not have income sufficient to cover such a large monthly expense and find themselves spending savings built up over a lifetime on nursing home care during the last few months or years of life. The state does offer nursing home payment assistance through the Medicaid program; however, to qualify for Medicaid, a person must meet strict requirements. Persons may save a proportion of their life savings and still qualify for Medicaid. Still, to do so, they must navigate the confusing laws and regulations that govern Medicaid. An experienced elder law attorney can help navigate the Medicaid application process and save valuable assets to leave to loved ones.