Estate planning is just getting your affairs in order so it’s easier on your family. Typically by making a will, trust, setting up key directives, and confirming beneficiary designations.

A will directs who gets your probate assets and who’s in charge (your executor). A living trust owns assets during life and after death and is commonly used to avoid probate and provide management if you’re incapacitated.

Probate is the court process that validates a will and oversees distribution of probate assets (or applies intestacy law if there’s no will). Some states also offer summary probate for small/simple estates. Arkansas calls this Small Estate Probate.

Generally, assets titled solely in your name (and items without title, like household property) are part of the probate estate. Joint-tenancy/TOD/POD/beneficiary-designated assets typically bypass probate.

Yes, designations on IRAs, 401(k)s, life insurance, and many financial accounts control who receives them, even if your will says otherwise. Keep them updated after life events.

Beneficiary Deeds are instruments allowed in Arkansas to transfer property/real estate outside of Probate.

POD/TODs: Payable on Death or Transfers on Death accounts.

Advance directives are instructions for your medical care if you can’t speak for yourself; the most common are a living will and a durable power of attorney for health care.

Usually yes. A durable financial POA lets a trusted agent handle money/legal tasks if you’re incapacitated, complementing your trust and will.

Review after major life events (marriage, divorce, birth, death, moving states) and whenever you change assets/beneficiaries. Keep account designations in sync with the plan.

Heirs typically receive a tax basis equal to the asset’s fair market value at the decedent’s death (a “step-up”), which can reduce capital gains if the asset is sold later. See IRS publications for specifics.

State intestacy laws decide who inherits; the court appoints a personal representative, and assets pass by statute, not personal wishes. (A will or trust avoids this result for most assets.)

Choose someone organized, impartial, and trustworthy. If family dynamics are sensitive or assets complex, consider a professional/corporate trustee for neutrality and continuity. HootOwl can serve in this role if needed.

Joint revocable trusts can simplify management for a first marriage, but in blended-family scenarios many couples use individual trusts (or a hybrid) to keep separate assets directed to their own children while sharing management of joint assets.

Common core set: trust, last will and testament, durable financial POA, health-care POA, living will, HIPAA, and some sort of real estate transfer instrument (QCD or Beneficiary Deed).

“Funding” means retitling your assets out of your individual name and into your name as trustee of your revocable trust (or aligning beneficiary designations to the trust where appropriate). That’s what actually makes the trust work and is how a revocable trust avoids probate.