by Michelle Tuesday

Created on: November 20, 2009   Last Updated: November 23, 2009

Have you considered the future of your belongings? To whom would you like to leave your personal and real property when you pass away? Ideally, you will meet with an attorney, fill out paperwork, inventory your belongings, sort out all your heirs, and decide who gets what. But if you fail to do so before your death, you leave the decision to the laws of Arkansas. You need to use the tools of estate planning, including a will, trusts, and life insurance policies, to ensure that your intended heir receives your property.

So, now that you have decided to start planning the future of your Arkansas estate, what do you do next? Start thinking about what you'd like to accomplish with the plan. For some, it's not just a matter of who gets what, but whether all loved ones will be sufficiently cared for. Is there a spouse, are there elderly parents, do you have children who rely on you? What will happen to them if you are no longer around? Make a list of all the loved ones who need your support, and what form the support takes, whether it be financial, medical, daily care, or anything else. These individuals go to the top of your list.

Next, determine what your dependents need going forward, and brainstorm how they could continue to receive what they need. Is it a simple matter of funds, which your savings, life insurance, or equity in your home could handle? Or do you need to arrange for someone else to provide care, by way of a trust fund or some other means of compensation? Write these ideas down.

Finally, determine what assets you have remaining after the needs of your dependents are met. Do you have excess funds or property? If so, where would you like those to go? Do you have family members who would appreciate the extra funds? Many people leave property to places of worship, charity, or a university.

Now that you have your plan in place, decide how you would like to document your estate plan. If it's in your head, it doesn't count! The courts cannot read your mind after you are deceased. You need to write a will, establish any trusts as necessary, and purchase any life insurance policies as you see fit.

Remember, without planning the future of your estate in advance, you risk distribution of your assets by the state of Arkansas, which may or may not be in accordance with your wishes.

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