Main Line: 479.443.2705
Fax Line: 479.443.2718
Email: info@rmp.law
Bentonville – 479-553-9800
Jonesboro – 870-394-5200
Little Rock – 501-954-9000
Main Line: 479.443.2705
Fax Line: 479.443.2718
Email: info@rmp.law
Bentonville – 479-553-9800
Jonesboro – 870-394-5200
Little Rock – 501-954-9000
Take these 7 actions to avoid commonly made mistakes when estate planning.
On Tuesday, the Federal Trade Commission issued a new Rule putting an end to employment-related non-compete clauses. In its justification for the rule, the FTC called non-compete clauses “an unfair method of competition” and stated it is a “violation for [employers] to… enter into non-compete clauses (“non-competes”) with workers.” In today’s very competitive labor market, the new FTC Rule creates a significant disruption for employers.
This new FTC provision—set to take effect in 120 days—renders existing non-compete agreements unenforceable. Existing non-compete agreements with senior executives will remain enforceable, although employers cannot require newly hired senior executives to sign such an agreement.
After the Rule takes effect, employers are required to deliver personal notice to employees (past and present) who signed a non-compete agreement informing them agreements are no longer enforceable. In the notice, employers must inform employees they are free to accept any job or start any business, even if it is directly competitive with the employer.
Compliance with the FTC Rule is not optional. Employers should consider new ways they can protect against a former employee gaining a competitive advantage by using the employer- provided training, the relationships made possible by the employer, or the confidential information learned from the employer. RMP can assist you in navigating this disruption and can provide advice on how to most effectively protect your vital business interests going forward.
RMP Attorneys At Law has an experienced Employment Law Attorney team dedicated to helping you navigate these changes. If you have any questions or would like guidance, reach out to one of our employment attorneys, Tim Hutchinson, Seth Haines, Larry McCredy, or Taylor Baltz or call 479.443.2705.
Estate planning goes beyond simply writing a will to dispose of your property. It’s about ensuring your intentions are honored, your family is cared for, and the administration of your estate is as smooth and efficient as possible. Unfortunately, many people make preventable mistakes that can cause confusion, delays, and even conflict among family members. Here are seven of the most common estate planning errors we see—and how you can avoid them.
One of the biggest mistakes people make is simply failing to create an estate plan at all. Without one, state law will determine who inherits your property. This can lead to outcomes you never intended and place unnecessary stress on your loved ones.
Fix: At a minimum, everyone should have a valid will. A will not only helps ensure your property is distributed in accordance with your wishes but also provides comfort to your loved ones by clearly communicating your intentions, helping them feel confident that your wishes are being honored.
Estate plans should evolve with your life. Major life changes—like marriage, divorce, the birth of a child, or the death of a loved one—can all impact your existing documents.
Fix: It’s wise to revisit your estate plan every few years, and following any major personal or financial changes, to determine whether any updates are necessary.
Certain assets pass outside of probate and are not governed by your will.. For example,proceeds from life insurance policies and funds held in retirement accounts will pass directly to the named beneficiaries, regardless of what your will says (unless you’ve named your estate as the beneficiary). Additionally, assets held in jointly owned bank accounts or bank accounts with payable-on-death (POD) designations will pass directly to the co-owner or to the designated beneficiary, bypassing your will entirely.
Fix: Regularly review and update beneficiary designations for life insurance policies, retirement accounts and bank accounts to reflect your current wishes.
Main RMP Number: 479-443-2705
Bentonville – 479-553-9800
Jonesboro – 870-394-5200
Little Rock – 501-954-9000
Estate planning isn't just about what happens after death. If you're ever incapacitated, someone, ideally someone you choose, needs legal authority to manage your finances and healthcare decisions.
Fix: In addition to a will, everyone should have a durable financial power of attorney and a durable healthcare power of attorney. These documents help ensure that a person you trust will have the necessary authority to make financial and healthcare decisions on your behalf if you are ever incapacitated.
Minors cannot legally take ownership of inherited assets. Without a plan in place, a court may intervene to assign someone to manage the funds, which can involve lengthy proceedings and additional costs.
Fix: In addition to naming a trusted guardian to care for your minor children in the event of your death, it’s important to establish a plan for managing any assets they may inherit. You may wish to create a trust to hold and manage those assets until your children reach a suitable age or to nominate a custodian, separate from the guardian, to receive and manage property on their behalf.
Online templates and DIY kits often don't comply with state laws or account for complex family situations.
Fix: Work with an experienced estate planning attorney to ensure your documents are valid, enforceable, and tailored to your needs.
Digital assets, from social media accounts to cryptocurrency, can be overlooked in traditional estate plans. It’s important to ensure that someone you trust has the legal authority and practical ability to access and manage these assets in the event of your incapacity or death, as these assets may hold significant financial or sentimental value.
Fix: Keep an updated inventory of digital accounts and passwords, and include clear instructions for access and management in your estate plan. Ensure someone you trust is granted the proper legal authority to handle your digital assets when needed so they can manage, protect, and distribute those assets in accordance with your wishes.
Steering clear of these pitfalls can relieve your loved ones of unnecessary burdens and help safeguard your legacy. Thoughtful estate planning is one of the most meaningful ways you can care for your family. At RMP, our attorneys work with individuals and families across Arkansas to craft personalized estate plans that honor their goals and provide peace of mind. Reach out to us today to arrange a consultation and begin planning with confidence.
Main RMP Number: 479-443-2705
Estate planning goes beyond simply writing a will to dispose of your property. It’s about ensuring your intentions are honored, your family is cared for, and the administration of your estate is as smooth and efficient as possible. Unfortunately, many people make preventable mistakes that can cause confusion, delays, and even conflict among family members. Here are seven of the most common estate planning errors we see—and how you can avoid them.
One of the biggest mistakes people make is simply failing to create an estate plan at all. Without one, state law will determine who inherits your property. This can lead to outcomes you never intended and place unnecessary stress on your loved ones.
Fix: At a minimum, everyone should have a valid will. A will not only helps ensure your property is distributed in accordance with your wishes but also provides comfort to your loved ones by clearly communicating your intentions, helping them feel confident that your wishes are being honored.
Estate plans should evolve with your life. Major life changes—like marriage, divorce, the birth of a child, or the death of a loved one—can all impact your existing documents.
Fix: It’s wise to revisit your estate plan every few years, and following any major personal or financial changes, to determine whether any updates are necessary.
Certain assets pass outside of probate and are not governed by your will.. For example,proceeds from life insurance policies and funds held in retirement accounts will pass directly to the named beneficiaries, regardless of what your will says (unless you’ve named your estate as the beneficiary). Additionally, assets held in jointly owned bank accounts or bank accounts with payable-on-death (POD) designations will pass directly to the co-owner or to the designated beneficiary, bypassing your will entirely.
Fix: Regularly review and update beneficiary designations for life insurance policies, retirement accounts and bank accounts to reflect your current wishes.
Main RMP Number: 479-443-2705
Bentonville – 479-553-9800
Jonesboro – 870-394-5200
Little Rock – 501-954-9000
Estate planning isn't just about what happens after death. If you're ever incapacitated, someone, ideally someone you choose, needs legal authority to manage your finances and healthcare decisions.
Fix: In addition to a will, everyone should have a durable financial power of attorney and a durable healthcare power of attorney. These documents help ensure that a person you trust will have the necessary authority to make financial and healthcare decisions on your behalf if you are ever incapacitated.
Minors cannot legally take ownership of inherited assets. Without a plan in place, a court may intervene to assign someone to manage the funds, which can involve lengthy proceedings and additional costs.
Fix: In addition to naming a trusted guardian to care for your minor children in the event of your death, it’s important to establish a plan for managing any assets they may inherit. You may wish to create a trust to hold and manage those assets until your children reach a suitable age or to nominate a custodian, separate from the guardian, to receive and manage property on their behalf.
Online templates and DIY kits often don't comply with state laws or account for complex family situations.
Fix: Work with an experienced estate planning attorney to ensure your documents are valid, enforceable, and tailored to your needs.
Digital assets, from social media accounts to cryptocurrency, can be overlooked in traditional estate plans. It’s important to ensure that someone you trust has the legal authority and practical ability to access and manage these assets in the event of your incapacity or death, as these assets may hold significant financial or sentimental value.
Fix: Keep an updated inventory of digital accounts and passwords, and include clear instructions for access and management in your estate plan. Ensure someone you trust is granted the proper legal authority to handle your digital assets when needed so they can manage, protect, and distribute those assets in accordance with your wishes.
Steering clear of these pitfalls can relieve your loved ones of unnecessary burdens and help safeguard your legacy. Thoughtful estate planning is one of the most meaningful ways you can care for your family. At RMP, our attorneys work with individuals and families across Arkansas to craft personalized estate plans that honor their goals and provide peace of mind. Reach out to us today to arrange a consultation and begin planning with confidence.
Main RMP Number: 479-443-2705
Main Line: 479.443.2705
Fax Line: 479.443.2718
Email: info@rmp.law
Bentonville – 479-553-9800
Jonesboro – 870-394-5200
Little Rock – 501-954-9000
JOHNSON
5519 Hackett Street, Suite 300
Springdale, AR 72762
BENTONVILLE
809 SW A Street, Suite 105
Bentonville, AR 72712
JONESBORO
710 Windover Road, Suite B
Jonesboro, AR 72401
LITTLE ROCK
11601 Pleasant Ridge, #301,
Little Rock, AR 72212