What Are the Key Components of a Comprehensive Estate Plan?
At The Applegate Firm PLLC, we often speak with clients who know they need to take care of their estate planning but aren’t sure where to start. They may have a will in place, or they might have talked about setting one up, but a complete estate plan goes far beyond that.
In Arkansas, proper estate planning is about more than dividing up property—it’s about making personal choices that reflect your wishes, protect your loved ones, and prepare for life’s unexpected turns.
Estate planning isn’t just for the wealthy. Anyone with a home, children, or personal property benefits from a thoughtful plan that addresses both financial and medical decisions.
Without a clear plan, Arkansas law determines what happens to your assets and who speaks for you in times of incapacity. That may not reflect what you would have wanted.
We believe every estate plan should be tailored to the individual, but there are certain elements that make a plan truly comprehensive. If you’re building or reviewing your plan, it’s worth making sure these key pieces are included.
Last Will and Testament
The cornerstone of most estate plans in Arkansas is the last will and testament. This document allows you to name who should receive your assets after death. You can also name guardians for minor children and appoint a personal representative (also known as an executor) to carry out your wishes.
Without a valid will, Arkansas’s intestacy laws take over, and the court distributes your assets according to state formulas. That often leads to outcomes you didn’t intend and can cause unnecessary stress for surviving family members.
In our practice, we’ve seen how a carefully worded will can prevent confusion and conflict. It’s one of the simplest ways to bring clarity and peace of mind to your estate planning.
Durable Power of Attorney
Another essential piece of estate planning in Arkansas is the durable power of attorney. This document allows you to appoint someone to manage your financial affairs if you become unable to do so. That includes paying bills, accessing accounts, managing real estate, and even filing taxes.
If you don’t have a power of attorney in place and you become incapacitated, your loved ones might have to go to court to be appointed as your guardian—a process that is costly and time-consuming.
By selecting someone you trust and giving them clear authority, you retain control over how your affairs are handled even when you can’t manage them yourself.
Advance Directive and Health Care Proxy
Estate planning isn’t only about money—it’s also about medical decisions. In Arkansas, an advance directive (also called a living will) outlines your preferences regarding life-sustaining treatment if you become seriously ill and can’t speak for yourself.
It allows you to make decisions in advance about feeding tubes, ventilators, and other life-prolonging measures.
In addition to the advance directive, we recommend creating a health care proxy (also known as a medical power of attorney). This document allows someone you trust to speak with doctors and make decisions on your behalf if you’re unable to communicate.
Together, these tools offer strong protections and help your loved ones avoid painful decisions during a crisis. We’ve seen how important this planning becomes during emergencies, and we encourage every client to address these matters with the same care they give to their financial planning.
Revocable Living Trust
For many of our clients in Arkansas, adding a revocable living trust to their estate planning offers important benefits. A trust allows you to transfer ownership of your assets during your lifetime while still maintaining control over them. You serve as the trustee during your life and name someone to take over after death or incapacity.
One major advantage of a living trust is avoiding probate. When assets are held in trust, they don’t have to pass through the court system, saving your family time and expense. Trusts also offer more privacy than a will, which becomes part of the public record.
In blended families or where beneficiaries may not be ready to handle a lump sum inheritance, trusts allow for greater flexibility in distributing funds. They can also protect beneficiaries from creditors, lawsuits, or their own poor financial decisions.
Beneficiary Designations
Some of your assets won’t pass through your will or trust—they’ll go directly to beneficiaries you name on specific accounts. These include life insurance policies, retirement accounts (like IRAs and 401(k)s), and payable-on-death bank accounts.
We always remind clients to review these designations regularly. Life changes—marriage, divorce, birth of children—can affect who should receive these funds. If your estate planning doesn’t match the current designations on your accounts, the wrong person may end up receiving them.
Beneficiary designations are a powerful part of estate planning. They offer fast transfers without probate, but they must be coordinated carefully with the rest of your plan.
Key Components of a Comprehensive Estate Plan in Arkansas
Here’s a summary of the essential documents and planning tools we recommend for a complete Arkansas estate plan:
Last will and testament: Directs how assets are distributed and names guardians and a personal representative.
Durable power of attorney: Appoints someone to handle financial matters if you're unable to do so.
Advance directive (living will): Lays out medical treatment preferences for end-of-life care.
Health care proxy: Designates a trusted person to make medical decisions on your behalf.
Revocable living trust: Helps avoid probate, provides privacy, and allows for controlled distributions.
Beneficiary designations: Confirms retirement accounts and insurance policies pass to the right people.
HIPAA authorization: Grants access to your medical records so your chosen decision-makers can act quickly.
Letter of intent: While not legally binding, it helps explain personal wishes or funeral instructions.
Planning for Minor Children
For parents of minor children, estate planning includes some of the most sensitive and meaningful decisions. In Arkansas, if both parents die without naming a guardian, the court chooses someone to raise the children—possibly someone you wouldn’t have selected.
Naming a guardian in your will allows you to express your preferences and give your children the stability they need during a difficult time. You can also use trusts to control how and when your children receive their inheritance, protecting them from misuse or poor judgment at a young age.
These decisions are never easy, but avoiding them doesn’t make the need go away. We encourage parents to take control now so their children are cared for in the way they would want.
Protecting Family Businesses and Farms
In Arkansas, family farms and closely held businesses are a part of many estates. These assets require special planning to prevent disputes and protect what’s been built over generations. Without clear succession planning, a business can be forced into liquidation or fall into the wrong hands.
Estate planning can include buy-sell agreements, management succession plans, and trust structures that allow for smoother transitions. We’ve helped many clients preserve their businesses by working closely with accountants and financial advisors to build a strategy that works both during life and after death.
Planning for Incapacity
People often think of estate planning as something that takes effect after death. But incapacity planning is equally important. A stroke, accident, or progressive illness can leave someone unable to manage their affairs for months or even years.
Without proper documents in place, family members may need to pursue a court-ordered guardianship to step in. This can create delays, legal costs, and emotional strain.
Through powers of attorney, trusts, and advance directives, you can choose who will step in and how they will act—giving your family clarity and control when it matters most.
Regular Updates and Maintenance
A good estate plan isn’t a one-time event. Life changes, and your plan should keep pace. Marriage, divorce, the birth of a child, the purchase of property, or the death of a beneficiary can all affect your decisions.
We advise clients to review their estate planning documents every few years and after any major life event. Small changes now can prevent major issues later. Keeping everything current also makes it easier for loved ones to carry out your wishes when the time comes.
Final Thoughts
At The Applegate Firm PLLC, we approach every estate plan with the understanding that no two families are alike. We’re proud to serve Maumelle, Arkansas, and surrounding areas. Call today.