• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Wilcox Attorneys, PA

Wilcox Attorneys, PA an Arkansas Estate Planning & Trust Information Center

Northwest Arkansas Estate Planning Attorneys (479) 443-0062

Client Vault
  • Home
  • Our Firm
    • Our Firm
    • About the American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • News & Events
    • Speaker Connection
  • services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • Legacy Planning
    • Pet Planning
    • Secure Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Webinars
  • Practice Areas
  • Resources
    • DocuBank
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Articles
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • Legacy Wealth Planning
      • Medicaid Planning
      • Pet Planning
      • Probate
      • Trust Administration & Probate
    • Newsletters
    • Pre Consultation Form
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Contact Us
  • Blog

Are You Sure You Should Use a Will?

July 10, 2021 by Audra Bailey Wilcox Leave a Comment

estate planYou may assume that you should use a will as your estate planning centerpiece because you have heard some things that are not true.

In this post, we look at some of these misconceptions and a few scenarios that would call for the utilization of a trust instead of a will.

Estate Planning Myths

There is a widely embraced falsehood about wealthy people and trusts that you should definitely get past. You do not have to be extremely wealthy to benefit from the utilization of a trust of some kind.

Yes, there are irrevocable trusts that are used by high net worth individuals that are exposed to estate taxes. However, there are other trusts that can be ideal for people of relatively ordinary means.

Another misconception is the idea that you lose control of assets that you convey into a trust. If you have a living trust, you would be the trustee while you are alive, so you would have total control of the assets. As the name would indicate, you would retain the right revocation, so you could dissolve the trust entirely and take back direct personal possession of the property.

The third myth is the expense factor. Some people are under the impression that you have to pay exorbitant legal fees to create a trust, and this is simply not the case.  In fact, an investment that you make to establish a perfectly constructed estate plan will pay dividends in the long run.

Spendthrift Protections

Now that we have debunked the myths, we can explain some of the scenarios that can be addressed through the use of a trust. If you leave someone an inheritance through the terms of a will, they would receive their bequest in lump sum, and there would be no asset protection.

This can be a source of concern if you have someone in the family that is not good with money, but there is a solution. You could make the person in question the beneficiary of a revocable living trust.

After you are gone, the successor trustee that you name in the trust declaration would administer the trust. A spendthrift clause can be included, and the trust would become irrevocable after your death.

The creditors of the beneficiary would not be able to touch the assets in the trust, and you could instruct the trustee to provide modest incremental distributions on a monthly basis. This is one possible arrangement, but you would have the power to dictate the distribution terms.

Efficient Estate Administration

If you use a will to state your final wishes, it would be admitted to probate. This is a costly and time-consuming legal process, and no inheritances are distributed until the estate has been probated and closed by the court.

Probate expenses consume a portion of the estate before it is transferred to the heirs, and anyone that is interested can access probate records to find out how the assets were distributed.

These drawbacks can be avoided if you use a living trust to facilitate asset transfers after you are gone. The trustee would be able to distribute assets to the beneficiaries outside of probate, so the estate administration process would be simplified and streamlined.

We Are Here to Help!

Our doors are open if you are ready to work with a Fayetteville, Arkansas estate planning lawyer to put a plan in place. You can send us a message to request a consultation appointment, and we can be reached by phone at 479-443-0062.

 

  • Author
  • Recent Posts
Audra Bailey Wilcox
Audra Bailey Wilcox
Attorney at Wilcox Attorneys, PA
Audra Bailey Wilcox began practicing law in 1998 after receiving her Bachelor of Arts Degree in Political Science and her Juris Doctor from the University of Arkansas.Audra owned a local title insurance company and at the same time practiced law under the name “A. Bailey Attorney, PA” with offices in Fayetteville, Farmington, and Prairie Grove.In 2018, Audra transitioned her law firm and became known as Wilcox Attorneys, PA.She is very proud of the SBA family and the care and concern her staff has for the clients of the firm. The firm’s areas of practice include real estate transactions, commercial and business law, long term care Medicaid planning, business/farm succession planning, probate, wills, trusts and estate planning.
Audra Bailey Wilcox
Latest posts by Audra Bailey Wilcox (see all)
  • Understanding Undue Influence – Part II - August 19, 2022
  • Understanding Undue Influence – Part I - August 17, 2022
  • Death and Your Digital Footprint - August 15, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Wilcox Attorneys, PA

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Subscribe to Our Blog

Subscribe to our blog for all the latest estate planning news and updates!

Office Address

Fayetteville
2766 Millennium Drive
Fayetteville, AR 72703
Phone: (479) 443-0062

Office Address

Prairie Grove
1100 Division Street, Suite 4
Prairie Grove, AR 72753
Phone: (479) 846-6026

( By Appointment Only )

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 12:00 PM

Map

map for office
  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

footer-logo

© 2023 American Academy of Estate Planning Attorneys, Inc.