Hyden, Miron & Foster, PLLC Law Blog

Thursday, July 17, 2014

Reasons to Update Your Estate Plan

Everyone should have an estate plan, regardless of age or socioeconomic status.  But, the unfortunate reality is that only about half of adults have a Last Will and Testament, let alone a comprehensive estate plan. Of the adults who have engaged in estate planning, they all too often allow their plans, and corresponding legal documents to become outdated. As the circumstances in life change over time, so too should your estate plan.   If you already have an estate plan, it is recommended that you take a look at it from time to time to determine if it needs to be updated or changed.

Changes to Your Inner Circle

The addition or subtraction of a family member may impact your existing estate plan.  For example, the birth of a new grandchild or a divorce may change the way you want your assets distributed.  You may also want to add a new beneficiary to your plan or cut someone out.  So, it is important to take a look at your estate plan after these types of life events occur to determine what effect they may have. 

Changes to Executor/ Trustee

Another set of factors that can affect your estate plan are the changing personal characteristics of those you have chosen to be an executor or trustee/ co-Trustee.  Estate plans can exist for a number of years and sometimes the person initially chosen for the position is no longer the best person for the job.  Consider the person’s age, residential location and abilities to determine if they are still a good candidate to serve as executor, trustee/ co-trustee after your passing

Changes to Your Assets and to Existing Tax Laws

Changes in assets can also have a significant impact on your estate plan.  It is crucial to evaluate how your assets have changed and determine if your estate plan is comprehensive enough to cover all of your assets and how they are to be distributed.  Also, tax laws change on what seems like a daily basis.  Therefore, it is also important to speak to an attorney who can advise you as to whether changes in tax laws call for changes to your existing plan.

Changes to Your Perspective

Lastly, have your personal beliefs changed?  If you feel differently now about end of life issues than you did when you first created your estate plan, your advance directives such as your healthcare power of attorney and living will may need to be changed.  Advance directives are critical to a thorough estate plan and should be considered when doing an update.

If you are seeking the representation of an experienced attorney to craft an effective estate plan or to update an existing one, call Hyden, Miron & Foster, PLLC at (501)376-8222.


Wednesday, June 18, 2014

HMF at the Arkansas Bar Association Annual Meeting

Hyden, Miron & Foster, PLLC would like to congratulate Carrie E. Bumgardner for being selected as a recipient of the Golden Gavel Award at the 2014 Arkansas Bar Association Annual Meeting.  Carrie received this award for her service as Co-Chair of the Legal Forms Committee of the Arkansas Bar Association and for her work on ArkBar Docs.

ArkBar Docs is a library of legal documents that have been automated using HotDocs.  More information on ArkBar Docs can be found using the following link:

http://ace.arkbar.com/arkbardocs/home/.

Congratulations Carrie!

HMF would also like to recognize our incoming and outgoing officers.

Carrie E. Bumgardner is the current Co-Chair of the Legal Forms Committee. This is her second consecutive year to serve as Co-Chair of the Legal Forms Committee.

Lori L. Holzwarth is the current Chair of the Probate and Trust Section and the current Secretary of the Elder Law Section.  She is the outgoing chair of the Elder Law Section.

Nicholas Livers is the current Chair-elect of the Probate and Trust Section. He is the outgoing Chair of the Tax Section.

Tiffany Parker Nutt is the current Secretary of the Tax Section.

Shaneen K. Sloan is a member of the House of Delegates and serves on the Board of Governors. She is also the Treasurer of the Arkansas Bar Association.

The Annual Meeting was held in Hot Springs, Arkansas, June 11 through June 14.  We look forward to another exciting year as members of the Arkansas Bar Association.


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