Probate & Trust Administration
Guiding You Through Life’s Transitions with Care and Clarity
What is Probate & Trust Administration?
Losing a loved one is an overwhelming experience. Many people nominated as executors or trustees are not professional fiduciaries—typically a family member or a trusted friend. Often, they have little idea of what is expected of them or the liability they take on by agreeing to act as executors or trustees. WCSS can help navigate estate or trust administration.
Frequently Asked Questions
Who needs estate planning?
Anyone who owns property, has children, or wants to control how their assets are distributed needs an estate plan. If you own a farm, business, or professional practice, estate planning is essential to protect your legacy, reduce taxes, and ensure operational continuity.
What makes up a well-designed estate plan?
A comprehensive estate plan includes a will, revocable living trust, durable power of attorney, living will, and—when appropriate—asset protection trusts, business succession plans, and tax mitigation strategies. For agricultural and high-net-worth clients, we also incorporate conservation easements, special use valuation, and charitable planning tools.
What is probate?
Probate is the court-supervised process of validating a will, paying debts, and distributing assets. In Arkansas, probate can be time-consuming and public. We help clients avoid probate through trusts, beneficiary designations, and strategic titling.
Is probate a concern only for large estates?
No. Even modest estates can face probate if assets are not properly titled. Probate can delay access to funds, increase costs, and create stress for loved ones. Avoiding probate is often a priority for clients who value privacy and efficiency.
What is a trust?
- What is a charitable trust?
A charitable trust allows you to support causes you care about while receiving tax benefits. It can also reduce estate taxes and provide income to your heirs or yourself during your lifetime. - What is a testamentary trust?
This trust is created through your will and takes effect after your death. It’s often used to manage assets for minor children or beneficiaries who need oversight. - What is a revocable living trust?
A revocable living trust allows you to manage your assets during your lifetime and pass them to your beneficiaries without probate. You can amend or revoke it at any time.