Do You Need a Trust in Arkansas? Understanding Your Estate Planning Options
- Kandice Winfield
- Aug 28
- 7 min read
Maybe you've heard: “You need a trust so your family doesn't have to go through probate.” Or: “Trusts are only for wealthy people.” Or maybe someone has mentioned a revocable or irrevocable trust and you thought: Okay…but what does that actually mean?
Important: TNA Mobile Notary & Apostille Services is not a law firm. We do not create trusts, provide legal or tax advice, or tell clients which type of estate plan they should choose.
This information is educational and designed to help you understand the terminology and know what questions to ask.
Trusts can sound complicated because there are different kinds designed to accomplish different things. So we're going to start with the basics.
What Exactly Is a Trust?
A trust is a legal arrangement in which property is held and managed according to instructions established in the trust.
There are several important people involved: Settlor or Grantor
The person who creates the trust and transfers property into it: Trustee
The person or institution responsible for managing the trust property according to its terms: In many revocable living trusts, the person creating the trust also serves as the initial trustee. Successor Trustee
The person who steps in when the original trustee dies, becomes incapacitated, resigns, or another qualifying event occurs: Beneficiaries
The people or organizations intended to benefit from the trust.
Arkansas law establishes requirements for creating a trust, including capacity, intent, qualifying beneficiaries and duties for the trustee to perform.
"Arkansas Code § 28-73-402 – Requirements for Creation of a Trust" https://law.justia.com/codes/arkansas/title-28/subtitle-5/chapter-73/subchapter-4/section-28-73-402/
You can also read how Arkansas law recognizes the creation of trusts here:
"Arkansas Code § 28-73-401 – Methods of Creating a Trust" https://law.justia.com/codes/arkansas/title-28/subtitle-5/chapter-73/subchapter-4/section-28-73-401/
Here's the Part People Sometimes Miss: The Trust Has to Be Funded
Creating and signing a trust document is only part of the process.
A trust needs property.
You may hear this called funding the trust.
Depending on your estate plan and the type of property involved, funding might include:
- Transferring real estate
- Changing ownership of certain accounts
- Assigning personal property
- Coordinating beneficiary designations
- Addressing business interests
- Preparing deeds or other transfer documents
Simply signing something titled:
“The Smith Family Living Trust” doesn't automatically place your house, bank accounts, investments and other property inside it.
This is one reason properly establishing a trust can involve considerably more work than simply preparing the document.
What Is a Revocable Living Trust?
A revocable trust generally allows the person who created it to retain significant control while alive and capable.
Unless the trust expressly provides otherwise, Arkansas law generally permits the settlor to revoke or amend a revocable trust subject to the statute and terms of the trust.
"Arkansas Code § 28-73-602 – Revocation or Amendment of Revocable Trust" https://law.justia.com/codes/arkansas/title-28/subtitle-5/chapter-73/subchapter-6/section-28-73-602/
One simple way to think about it:
You create the box.
You establish the rules for the box.
You put property into the box.
And while the trust remains revocable, you generally retain considerable control over the box.
A Revocable Trust May Help With:
- Avoiding probate for property properly transferred into the trust
- Managing property if you become incapacitated
- Allowing a successor trustee to step in
- Providing instructions for distributions after death
- Managing inheritances for children or other beneficiaries
- Providing greater privacy than a probate proceeding
But Here's Something Important
A standard revocable living trust is not automatically an asset-protection shield.
Arkansas law generally provides that property in a revocable trust remains subject to claims of the settlor's creditors during the settlor's lifetime.
"Arkansas Code § 28-73-505 – Creditor Claims Against Settlor" https://law.justia.com/codes/arkansas/title-28/subtitle-5/chapter-73/subchapter-5/section-28-73-505/
So be cautious anytime you hear: “Just put everything in a revocable trust and nobody can touch it.” There's considerably more to it than that.
What Is an Irrevocable Trust?
You may sometimes hear someone say “non-revocable trust.”
The commonly used legal term is irrevocable trust. With an irrevocable trust, the person creating it generally gives up significantly more ability to simply cancel the arrangement, change its terms or take property back whenever they want. That reduced control may be intentional.
Depending on the circumstances, irrevocable trusts can be associated with planning involving:
- Asset-protection strategies
- Long-term-care planning
- Medicaid planning
- Tax planning
- Life insurance
- Special-needs planning
- Multigenerational wealth
- Business succession
- Controlled distributions to beneficiaries
But Irrevocable Doesn't Necessarily Mean “Absolutely Impossible to Ever Change.”
Modification or termination may sometimes be possible depending on Arkansas law, the trust's terms, beneficiary consent, court involvement and other circumstances.
That is one reason irrevocable trusts are generally not something to approach casually.
If you're permanently changing ownership of property or attempting to accomplish tax, Medicaid, creditor or asset-protection objectives, individualized legal and potentially tax advice becomes extremely important.
Revocable vs. Irrevocable: Quick Snapshot
Revocable
Generally:
- Provides greater flexibility
- Can generally be amended or revoked
- Allows the settlor to maintain greater control
- May help properly funded property avoid probate
- Can help with management during incapacity
- Generally does not protect the settlor's assets from the settlor's own creditors
Irrevocable
Generally:
- Provides the settlor with significantly less control
- Cannot simply be canceled whenever the settlor changes their mind
- May be useful for specialized planning
- Can create important property and tax consequences
- Requires careful drafting and funding
- Often warrants individualized legal and tax guidance
Neither is automatically better. They are different tools designed to accomplish different things.
The Pros & Cons of a Revocable Living Trust.
Possible Advantages
- Properly funded property may avoid probate
- Offers greater privacy than probate
- Can provide management during incapacity
- Allows a successor trustee to step in
- Can provide detailed instructions for beneficiaries
- Can keep inherited property managed rather than distributing everything immediately
- May assist families with property in multiple jurisdictions
- Can generally be changed while revocable
Possible Disadvantages
- Usually more expensive to establish than a simple will
- Requires additional work to properly fund
- May require deeds, assignments and account changes
- Needs review as your property and circumstances change
- Does not automatically protect your property from your creditors
- Property left outside the trust may still require probate
- DIY errors can undermine what you were attempting to accomplish
What Might a Trust Cost in Northwest Arkansas?
Just like wills, there is no universal price.
Cost can depend on:
- Individual vs. couple
- Amount and type of property
- Real estate
- Business ownership
- Family circumstances
- Special-needs planning
- Tax planning
- Whether deeds are included
- Whether the attorney assists with funding
- Complexity of distribution instructions
For some current local examples, one Northwest Arkansas firm publishes pricing beginning around:
Individual
- Revocable trust-based plan: approximately $2,300
- Trust plan with additional inheritance provisions: approximately $2,800
Couple
- Revocable trust-based plan: approximately $3,300
- Trust plan with additional inheritance provisions: approximately $3,800
"DeWitt & Daniels – Published Estate-Planning Pricing" https://www.dewitt.law/estate-planning-attorney/
Another Northwest Arkansas estate-planning firm currently advertises a trust-based plan beginning around $3,500.
"Prude Legacy Law – Estate-Planning Information" https://prudelegacylaw.com/probate-calculator/
These are simply published examples to give you an idea of what you may encounter locally.
They are not TNA prices, endorsements, recommendations or guaranteed Northwest Arkansas averages.
What Should I Gather Before Talking About a Trust?
Start by creating an inventory.
Gather information about:
- Homes, land and rental property
- Bank accounts
- Investments
- Retirement accounts
- Life insurance
- Vehicles
- Business interests
- Significant personal property
- Current beneficiary designations
- Significant debts or liabilities
Then think about the people:
- Who would you trust to manage your property?
- Who would be your backup?
- Who are your beneficiaries?
- When should beneficiaries receive property?
- Are any beneficiaries minors?
- Does anyone have special needs?
- Do you have a blended family?
- Who should manage things if you're alive but unable to manage them yourself?
You don't necessarily need to know all the answers before speaking with an attorney. But these questions give you a great place to start.
Can I Create a Trust Myself?
Arkansas law establishes the legal requirements for creating trusts, but it does not simply say that every trust must be drafted by an attorney.
Consumers can find online estate-planning services, software and templates for certain trusts.
But the real question isn't simply:
“Can I create one myself?”
It is: “Do I understand what I'm creating, how to properly fund it, how ownership of my property changes, and what consequences those decisions may have?”
For straightforward circumstances, some consumers may choose a DIY route.
When dealing with irrevocable trusts, Medicaid planning, special-needs planning, businesses, complicated family structures, asset protection or tax planning, professional guidance becomes particularly important.
When Might I Want Professional Guidance?
Consider speaking with an estate-planning attorney when you're dealing with:
- Blended families
- Minor children
- Special-needs beneficiaries
- Businesses
- Rental properties
- Property in multiple states
- Significant assets
- Long-term-care planning
- Medicaid planning
- Asset-protection goals
- Tax planning
- Complicated beneficiary arrangements
- Irrevocable trusts
And depending on the type of planning involved, an attorney may recommend coordinating with a tax professional or financial adviser as well.
Where Does TNA Mobile Notary Come In?
TNA Mobile Notary & Apostille Services does not create, draft or advise you on your trust.
We don't tell you:
- Which trust you need
- What property to transfer
- Who your trustee should be
- How your assets should be titled
- What tax consequences may result
- Whether your estate plan accomplishes your goals
Those are questions for qualified legal, tax and financial professionals.
What we can do is perform requested notarial acts on properly prepared estate-planning documents once you know what you are signing.
Where witnesses are required, we can also discuss available witness services and signing logistics.
Quick Links & Resources
Want to learn more?
- "Arkansas Code § 28-73-401 – Methods of Creating a Trust" https://law.justia.com/codes/arkansas/title-28/subtitle-5/chapter-73/subchapter-4/section-28-73-401/
- "Arkansas Code § 28-73-402 – Requirements for Creation of a Trust" https://law.justia.com/codes/arkansas/title-28/subtitle-5/chapter-73/subchapter-4/section-28-73-402/
- "Arkansas Code § 28-73-602 – Revocation or Amendment of Revocable Trust" https://law.justia.com/codes/arkansas/title-28/subtitle-5/chapter-73/subchapter-6/section-28-73-602/
- "Arkansas Code § 28-73-505 – Creditor Claims Against Settlor" https://law.justia.com/codes/arkansas/title-28/subtitle-5/chapter-73/subchapter-5/section-28-73-505/
- "Arkansas Judiciary – Public Legal Resources" https://arcourts.gov/public
Final Thoughts
Trusts can sound like something reserved for people with enormous estates.
But at their core, they're simply another estate-planning tool.
The important questions are:
What are you trying to accomplish?
What property do you own?
Who should manage it if you can't?
Who should receive it later?
And how much control do you want to maintain?
A trust isn't automatically better than a will.
And a will isn't automatically simpler or better just because it costs less.
For many families, the answer may actually include both.
The goal is not to choose the document everyone else says you should have.
The goal is to understand your options well enough to ask the right questions and create a plan that actually fits your circumstances.
Learn. Ask questions. Make a plan. And when you're properly prepared documents are ready for notarization, TNA Mobile Notary & Apostille Services is here to help with the notarial side of the process.
This article is provided for general educational purposes only and is not legal, tax, financial or estate-planning advice. Laws and individual circumstances can change. Consult an Arkansas-licensed attorney or other qualified professional regarding your individual circumstances.
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