PLANNING YOUR FUTURE

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Otherwise known as a "Will", a last will and testament is a legal document that directs how a person’s assets and property should be distributed after their death. It can also designate guardians for minor children and name an executor to handle the estate.

This document only takes effect upon death and has no impact during the person’s lifetime.

A Living Will is a legal document that expresses a person’s wishes regarding medical treatment if they become incapacitated and unable to communicate, typically in situations where they are terminally ill or in a permanently unconscious state. This document only addresses end-of-life care and decisions, such as whether to be kept on life support. It takes effect while the person is still alive but unable to make decisions due to incapacitation.

A Power of Attorney (POA) is a legal document that gives someone else the authority to make decisions or act on behalf of the person who created it . This authority can include managing finances, making healthcare decisions, or handling specific tasks, depending on the type of POA. It is active during the principal's lifetime and becomes void upon their death.

A Probate is the legal process through which a deceased person’s estate is settled and assets are distributed. During probate, the court oversees the identification and valuation of assets, payment of debts and taxes, and the distribution of the remaining estate to heirs or beneficiaries according to the deceased’s will or, if there is no will.

When purchasing land, a Warranty Deed offers the highest level of protection to the buyer. It includes a guarantee from the seller  that they hold clear title to the property, free of any liens or claims, and have the legal right to sell it. Warranty Deeds are commonly used in Arkansas for most traditional real estate sales to ensure the buyer receives clear, marketable title.

Quitclaim deeds are often used in non-sale transfers, such as transferring property. It transfers whatever interest or rights the grantor may have in the property to the grantee but without any guarantees about the title's quality or clarity. This is appropriate when the validity of the title is not in question.