The short answer
Estate planning is deciding, in writing and before you need to, who gets your property, who is in charge of it, and who makes decisions for you if you can’t. The core documents are a will, sometimes a revocable living trust, and powers of attorney. It isn’t only for wealthy people.
The last will and testament
A will states how you want your property distributed, names an executor to carry it out, and, if you have minor children, names a guardian for them. Without a valid will, state intestacy rules decide who inherits. A will typically covers:
- Your family members and their relationship to you
- Payment of debts and funeral expenses from your estate
- Who gets what, including what happens if a beneficiary dies first
- The executor you choose, and a guardian for minor children
- Where anything left over goes (the residuary estate)
What makes a will valid in Arkansas is a legal question to confirm against the Arkansas Code.
The revocable living trust
A revocable living trust lets you move assets into a trust that you control while you’re alive and can change later. People use them to avoid probate, keep their affairs private and plan for incapacity. You are typically the grantor and the trustee, and you name a successor trustee to take over if you can’t manage things. A trust isn’t right for everyone, and it only works for assets you actually transfer into it.
Powers of attorney
A power of attorney lets someone you trust, your agent, make decisions for you. The common types:
- General: broad authority, often for short-term use
- Durable: stays in effect if you become incapacitated
- Limited: specific powers for a particular task or time
- Healthcare: medical decisions if you can’t make them yourself
Choose an agent who is trustworthy and capable, and talk to them about your wishes first.
Keep it current
Estate planning isn’t one and done. Marriage, divorce, children and grandchildren, and big financial changes can all mean updating your documents. Store them somewhere safe, and tell the people involved where they are.
When you need a lawyer
Talk to an attorney, or call Legal Aid if money is tight, if you own a business, have a blended family, have property in more than one state, or have a beneficiary with special needs.
If someone has already died, see our probate guides.
Review record: All 5 flagged items reviewed by Brandon M. Haubert, latest 2026-10-25.