SimplyTrust Knowledge Base

A: A revocable trust—also called a living trust—is a flexible estate planning tool that allows you to manage your assets during your lifetime and determine how to distribute them later. You can update, amend, or cancel the trust at any time while you're alive and mentally competent.

A: While Arkansas once had an inheritance tax, the state phased it out years ago. The state officially repealed it in 1995, joining a national trend toward eliminating this type of tax. Since then, beneficiaries in Arkansas have been free from the burden of paying state tax on what they inherit.

A: Arkansas once had an estate tax. But like many other states, it chose to eliminate it. The repeal happened gradually after changes at the federal level. Here's how:

A: Understanding who owns estate planning documents makes it easier to organize them, inventory them, and keep them safe—just like other key parts of a modern estate plan. Similar clarity about roles and paperwork also shows up in explanations of trustees, probate, and special-purpose trusts, all of which fit together into one big picture.For most modern plans, ownership follows a simple pattern:1) The person who signs a will (the testator) owns the will document.2) The grantor of a trust owns the signed trust instrument, even if the trustee uses it every day.3) The principal who signs a financial or healthcare power of attorney owns those papers too. Lawyers often store originals in fireproof cabinets or vaults. But they’re holding them for the client, not for themselves. Ethics opinions in many states treat these originals as client property that must be safeguarded and eventually delivered to the client, an executor, or another authorized person. So if you’re asking who owns estate planning documents in a practical sense, it’s usually the person whose name is on the signature line. Everyone else—attorneys, executors, trustees, hospitals—works from copies.

A: A revocable trust enables you to manage your assets during your lifetime and distribute them after you pass. All while avoiding probate. You can change or revoke the trust at any time as long as you're mentally competent.