Conway, Arkansas Estate Planning Attorney
Planning isn't about expecting the worst. It's about making things easier for the people you love.
Estate planning gives you the opportunity to decide who can act for you, how your property should be handled, who should care for your minor children, and what should happen to the things you have worked to build.
Attorney Tasha Terry helps individuals, families, and small-business owners in Conway and throughout Central Arkansas create practical estate plans based on their lives, relationships, property, and goals.
Your Today. Their Tomorrow.
Estate Planning for Conway Families and Business Owners
An estate plan is more than a will. A well-coordinated plan may address what happens after your death, but it should also prepare for the possibility that an illness, injury, or other circumstance leaves you unable to manage your finances, property, business, or healthcare decisions.
Depending on your circumstances and goals, your estate plan may include:
- A last will and testament
- A revocable trust
- A durable financial power of attorney
- A healthcare power of attorney
- An advance directive
- A HIPAA authorization
- Nominations of guardians for minor children
- Beneficiary-designation planning
- Guidance concerning property ownership and titling
- Planning for digital assets
- Business succession planning
- Written directions concerning final wishes
Not every client needs every document. Tasha works directly with clients to determine which documents and planning strategies are appropriate for their particular circumstances.
Who Should Consider an Estate Plan?
Estate planning is not limited to wealthy families or people approaching retirement. You should consider creating or reviewing an estate plan if you:
- Own a home or other real property
- Have children or grandchildren
- Have a blended family
- Want to nominate guardians for minor children
- Want to choose who may make financial or healthcare decisions for you
- Own a business
- Have a family member with special needs
- Want property to pass to someone who may not inherit under Arkansas law
- Want to leave a gift to a church, charity, friend, or other organization
- Have recently married, divorced, had a child, or experienced a death in the family
- Have moved to Arkansas or acquired significant new property
- Have an older estate plan that may no longer reflect your wishes
Even a relatively simple estate can create difficult questions when there is no clear plan. Thoughtful planning can help document your decisions, give trusted people appropriate authority, and reduce uncertainty for your family.
Wills and Guardianship Nominations
A will allows you to state how property controlled by the will should be distributed after your death. It can also nominate the person you would like to administer your estate and identify your preference for who should care for your minor children.
A will does not necessarily prevent probate, and it does not control every asset. Some property may pass according to beneficiary designations, survivorship rights, trust provisions, or other ownership arrangements. That is why an estate-planning review should consider both your legal documents and the way your property is owned.
For parents of minor children, guardian nominations are an especially important part of the planning conversation. Although a court must ultimately act in the children's best interests, formally documenting your preferences gives the court and your family meaningful guidance.
Trust Planning
A revocable trust may be appropriate when a client wants continued management of assets during incapacity, greater privacy, planning for beneficiaries over time, or a way for properly transferred assets to pass outside a probate proceeding.
A trust only controls property that is properly connected to it. Creating a trust document without addressing ownership, titling, and beneficiary designations can leave important parts of a plan unfinished.
Tasha helps clients understand whether a trust fits their goals and what additional steps may be necessary to implement and maintain the plan.
Powers of Attorney and Healthcare Planning
Estate planning also addresses decisions that may need to be made during your lifetime.
A durable financial power of attorney can authorize a trusted person to handle designated financial or property matters. A healthcare power of attorney can identify someone to make healthcare decisions when the circumstances stated in the document and applicable law are satisfied. An advance directive can document personal instructions concerning medical care.
Choosing the right agents is just as important as preparing the documents. Your agents should be trustworthy, capable of carrying out the responsibilities involved, and willing to serve.
Estate Planning for Small-Business Owners
A business interest may be one of the most valuable—and most complicated—assets in an estate.
Business owners should consider questions such as:
- Who can operate the business during an incapacity?
- What happens to ownership after the owner's death?
- Are there multiple owners who need a buy-sell or ownership agreement?
- Are ownership records and governing documents current?
- Does the estate plan coordinate with the company's operating agreement, bylaws, or other governing documents?
- Are there key employees, customers, contracts, or obligations that require continuity planning?
- Is there a family member or other person who is capable of continuing the business?
- Should the business be sold, transferred, or wound down?
Estate planning and business planning should work together. Tasha helps Conway-area business owners identify gaps and build a legal foundation for future transitions.
When Should You Update Your Estate Plan?
Estate planning is not a one-time event. Review your plan periodically and after significant changes involving your family, property, health, business, or intended beneficiaries.
A review may be appropriate following:
- Marriage or divorce
- The birth or adoption of a child
- The death or incapacity of a beneficiary, agent, or nominated guardian
- A move to or from Arkansas
- The purchase or sale of real property
- The creation, purchase, or sale of a business
- A significant change in assets or debt
- A change in family relationships
- A beneficiary developing special needs
- Changes to beneficiary designations
- Several years passing since the documents were signed
An older plan may still be legally effective while no longer accomplishing what you currently want. A periodic review can identify outdated appointments, incomplete asset coordination, and other issues that deserve attention.
What to Expect During Your Estate-Planning Consultation
Estate planning begins with a conversation about your family, property, concerns, and goals.
During the process, Tasha may discuss:
- The people who are important to you
- The property and accounts you own
- How those assets are titled
- Existing beneficiary designations
- The people you trust to act for you
- Your preferences concerning incapacity and healthcare
- Concerns involving minor children or beneficiaries
- Business ownership and succession issues
- Existing wills, trusts, or powers of attorney
- The documents and planning steps that may be appropriate
The goal is for you to understand the decisions you are making, why they matter, and how the different parts of your plan work together.
Meet With Tasha at Her Conway Office
The Law Office of Tasha Terry, PLLC maintains a dedicated, enclosed private office inside The Studio Downtown at:
1100 Oak Street
Conway, Arkansas 72032
Conway consultations are available by appointment. Clients may also meet with Tasha at the firm's Lonoke office.
The firm serves clients in Conway, Greenbrier, Vilonia, Mayflower, and other communities throughout Faulkner County and Central Arkansas.
Frequently Asked Questions About Estate Planning in Conway
Do I need a trust, or is a will enough?
It depends on your property, family circumstances, goals, and how your assets are owned. Some clients may be well served by a will-based plan, while others may benefit from a trust. Tasha can explain the differences and help you evaluate which approach fits your situation.
Does having a will avoid probate?
Not necessarily. A will provides instructions for property controlled by the will, but it generally does not, by itself, keep that property out of probate. Whether probate is required depends on the nature, value, ownership, and transfer arrangements associated with the assets involved.
Can an estate plan help if I become incapacitated?
Yes. Powers of attorney, healthcare documents, trust provisions, and related planning may give trusted individuals authority to act when the requirements stated in the documents and applicable law are satisfied.
Can I nominate someone to care for my children?
A will can document your nomination of a guardian for minor children. The court retains responsibility for determining guardianship according to applicable law and the children's best interests, but your written nomination can provide important guidance.
What should I bring to my first meeting?
It is helpful to bring any existing estate-planning documents and a general list of your property, accounts, insurance, retirement benefits, business interests, debts, and intended beneficiaries. You should also begin thinking about the people you trust to make financial and healthcare decisions or administer your estate.
How often should I review my estate plan?
Reviewing the plan every few years and after significant life, family, financial, or business changes can help ensure it continues to reflect your circumstances and goals.
Can you update an estate plan prepared by someone else?
Yes. Bring your existing documents to the consultation so they can be reviewed. Depending on the extent of the changes needed, it may be appropriate to amend certain documents or prepare a coordinated replacement plan.
Schedule an Estate-Planning Consultation in Conway
You do not need to have every answer before beginning the estate-planning process. The first step is identifying your concerns, understanding your options, and deciding what matters most to you.
Call the Law Office of Tasha Terry, PLLC at (501) 438-8123 or complete the contact form
to request an estate-planning consultation at the Conway office.
Built on Trust. Focused on What Matters.
