Now that your divorce is officially behind you, it's time to shift focus and consider how it affects your estate plan here in Arkansas.

Changes to your Will

The divorce decree automatically cancels any parts of your Will mentioning your ex-spouse. So, if your Will says your house goes to your ex, that part is wiped clean without you having to do anything extra. Don't worry, the rest of your Will still stands. But especially if it doesn't mention someone else to inherit or manage things, it is a good idea to update it. See Ark. Code Ann. 28-25-109.

Adjusting Power of Attorney

If your existing Power of Attorney designates your ex-spouse as your Agent, filing for divorce automatically revokes this designation in Arkansas, even before the divorce is finalized. Some Power of Attorney forms may, however, include provisions allowing your ex-spouse to continue as your acting Agent post-divorce, so careful review is necessary. Ensure your estate plan includes successors capable of stepping in during your incapacity. See Ark. Code Ann. 28-68-110.

After the Divorce – What's Next

Once the dust settles, take a close look at your estate plan. Confirm that you've picked alternate people who can step in if needed, both for decision-making and inheriting stuff. If tweaks are needed in your Will or other documents, talk to your lawyer to make sure it's all sorted. And if you've got questions, don't hesitate to reach out — because in estate planning, peace of mind is key.

At Leslie Copeland Law & Mediation, we provide a comprehensive range of estate planning services to ensure your assets are safeguarded and your loved ones are protected. Establishing a basic estate plan is essential for every adult, and our expertise goes beyond that to offer more intricate planning options. At the very least, we recommend having Powers of Attorney and a Will in place.

When it comes to your real estate, you may wonder about the most effective way to transfer ownership and safeguard your home from potential risks such as nursing home expenses or legal issues. One powerful solution we advocate for is the use of a beneficiary deed.

But what exactly is a beneficiary deed? It's a deed that takes effect upon the death of the owner(s). The beneficiaries do not have an ownership interest in the property until the death of the owner.

The advantages for your family members are substantial. A beneficiary deed helps them sidestep the typical tax implications associated with property transfers, such as the capital gains tax, potentially saving them tens of thousands of dollar. By becoming owners at the current value of the property, they receive the full benefit of your generous gift.

Not only does a beneficiary deed benefit your family, but it also shields you and your home from various risks. Unlike traditional transfers that could expose your home to potential seizure in cases of bankruptcy or personal injury lawsuits involving family members, a beneficiary deed keeps your home secure until your passing.

Furthermore, this strategy offers protection against nursing home-related financial liabilities. With a beneficiary deed in place, your loved ones assume ownership of the home upon your passing, and they are not held responsible for any state-paid Medicaid expenses. Thanks to recent legislation like Act 570 of 2021, amending Arkansas Code § 18-12-608(a)(1)(B), your home is transferred free and clear of any such obligations.

Secure your future, protect your home, and provide for your loved ones by consulting with the knowledgeable estate planning attorneys at Leslie Copeland Law & Mediation. We are here to guide you through the process and ensure your peace of mind.

When you think of estate planning, what comes to mind? Old people, probably. Old people with money. The royal family? Well, we are here to set the record straight: Estate planning applies to YOU!

What is estate planning? It’s when you and your attorney make a legal plan for what happens to your “stuff” when you die. The plan also includes who you would like to be the guardian of your children, and who will be in charge of your affairs if you become unable to make decisions for yourself.

What if you don’t have an estate plan? Then the state gets to decide and trust me, you probably won’t like it. For instance, even if you are married, if you die without a Will or estate plan, then your spouse only gets a share of your estate, which may not be enough to live on. If you have children, then the court will appoint a guardian without your say in whom you would have chosen.

So what do I need? A basic estate plan includes a Last Will and Testament, a Financial Power of Attorney, and a Healthcare Power of Attorney. Every adult should have at least a basic estate plan.

• The Last Will and Testament will designate who gets your property when you die, who will be the executor in charge of distributing your property, and who you would name as a guardian for your minor children.

• The Financial Power of Attorney will designate who can manage your affairs if you become incapacitated and unable to make decisions for yourself, such as if you are hospitalized.

• The Healthcare Power of Attorney will designate who can make healthcare decisions for you and provide for any healthcare needs you might have if you become unable to make those decisions for yourself.

Do I need a trust? A trust is a more advanced type of estate plan where a trust is created now to manage your assets both currently and when you pass. There are several advantages to creating a trust.

First, the trust is more private as your estate does not pass through probate when you die. Second, although the upfront costs are greater, the costs at the time of distribution are often much lower, including lower taxes for your beneficiaries. Third, a trust often allows you greater discretion and creativity when providing for beneficiaries. For example, you can designate that minor children or young relatives only receive portions of their benefits as they get older, rather than them receiving it all at once.

Contact our attorneys today to create a customized estate plan for you and your loved ones. We look forward to taking care of you!

There's a lot to think about when getting divorced. Who is keeping the house? What about the kids? One thing you may not be thinking about is changing your Will and other legal documents. 

When can you change your Will? Anytime you want. You do not have to notify your spouse that you are doing so. You do not even have to be divorced. As soon as you know you want to change your Will, that's the time to do it. 

Isn't that automatic when I get divorced? Nope. The law is going to assume that you still wanted to leave your spouse part of your estate, if that's what your Will says of course. Whatever the Will says goes.

What else do I need to change when I get divorced? Here is a short list: 

• Healthcare Power of Attorney
• Financial Power of Attorney
• Advanced Directive
• Deeds and Titles
• Life insurance beneficiaries
• Retirement account beneficiaries
• Bank accounts -> payable on death beneficiaries

Leslie Copeland Law handles all aspects of your family and the law, including wills, trusts and estates. If you're getting divorced, or need to change your Will or other legal documents, schedule a consultation to see Leslie today.