Little Rock, Conway, & Greenbrier Real Estate, Estate Planning & Business Law Attorney FAQ

You may be able to go through the eviction case alone, but it is highly recommended that you retain an experienced eviction attorney who can help you understand your options and how you should proceed. If you are interested in filing a counterclaim, recoupment, set-off, or wish to request a jury trial, you will want an attorney by your side to assist you in obtaining the best outcome possible.

Probate is the legal process that carries out the instructions set forth in a person's will and transfers assets to the heirs. Whether an estate must go through probate is determined by the type of estate plan that you have and how you own titles to your property.

A will allows you to maintain control over who administers your estate, how you want your heirs to receive their inheritance, and other expenses that you want your estate to cover. It also keeps your estate plan private and gives you the ability to build mental disability planning into your plan.

When it comes to a limited liability company (LLC) and a partnership, the main difference is that in an LLC, owners are not personally liable for the company's debts and liabilities. What this means is that your personal assets are protected from creditors if your company were in debt. On the other hand, partnerships don't receive this limited liability protection unless they are designated "limited" partners in their partnership agreement. Another difference is that LLCs must file formal articles of organization with Arkansas' LLC filing office, pay a filing fee, and comply with certain filing requirements before they can open for business. Partnerships don't need any of this.

A "nondurable" power of attorney is typically used for a specific transaction (i.e. the closing of a sale of residence) or the handling of the principal's financial affairs while the principal is traveling outside of the country. A "durable" power of attorney allows the agent to act for the principal even if the principal isn't mentally competent or physically able to make decisions. It is effective until it's revoked by the principal, or until the principal's death. A "springing" power of attorney, sometimes called a conditional power of attorney, comes into effect after certain conditions are met, typically when the principal becomes disabled or mentally incompetent.

When selecting an agent or power of attorney, you should choose either a trusted family member, a proven friend, or a professional with an outstanding reputation for honesty. Signing a power of attorney that grants broad authority to an agent is like signing a blank check. You should never allow anyone to force you into signing a power of attorney.

The best time to establish an estate plan is now, while you are healthy and have the legal capacity to enter into a contract. If you're unable to manage your own affairs, or if you suffer from a disability that affects your legal capacity, your estate plan may be challenged by those who say you lacked capacity at the time the documents were created. This is also why you should let David E. Simmons Attorney at Law help guide you through the entirety of the estate planning process.

An estate consists of all the property you own or control, whether in your sole name, held in a partnership, in a joint ownership arrangement or through a trust, and all other money that would be generated in your death (i.e. life insurance). An estate typically includes:

• Real property and things attached to it (houses, buildings, barns, etc.)
• All personal property (including automobiles, bank accounts, stocks and bonds,mutual funds, stock options, cash, furniture, jewelry, art, collectibles, etc.)
• All businesses and business interests (sole proprietorships, partnerships,corporations, joint ventures, goodwill, inventory, tools and equipment, accounts receivable, and other business property)
• Powers of appointment (the right to direct who gets someone else's property)
• Life insurance and annuity contracts, pension benefits, IRAs, etc.
• All debts and obligations owed to you
• All claims you have against others, such as for the pain and suffering from an auto accident.

If you are a buyer, you should consider exactly what property is included in the sale (i.e. lighting fixtures, drapes or blinds, refrigerators, stoves, washing machines and dryers), the quality of the neighborhood, whether any nearby development plans will affect the property, the inspection report, and the amount of real estate taxes included. The purchase of a house is an important decision. Let an experienced attorney help you make a confident agreement.