If you do not have a will, the state of Arkansas has one for you. Here is what happens to your possessions under Arkansas intestacy laws.
Arkansas Intestate Succession for Assets Aside From Land
1. If you have a spouse but no kids, all of your properties pass to your partner if you have actually been married for more than 3 years.
2. If you have a spouse however no children, only one-half of your possessions pass to your spouse if you have actually been wed less than 3 years.
3. If you have a partner and children, your spouse will receive just one-third of your properties. Your kids get two-thirds of your assets.
If you have a partner and children, your partner will just receive a life estate in one-third of your land. Life estate indicates that she owns her share of the land for her lifetime. She doesn’t deserve to state who gets the property at her death.
Is This the Estate Plan you Want?
And, while the state of Arkansas shows that it has actually customized these intestacy laws to match the desires of a lot of people, no client, in all of our years of practicing, has actually ever entered our office and requested this estate plan. Simply put, not one of our clients’ estate plans matches this one created by the state.
Where to Get Help
If you desire to prevent Arkansas intestacy laws and produce your own estate plan, seek advice from with a qualified estate planning attorney.