If you do not have a will, the state of Arkansas has one for you. Here is what occurs to your properties under Arkansas intestacy laws.
Arkansas Intestate Succession for Assets Other Than Land
1. If you have a partner but no children, all of your properties pass to your partner if you have been wed for more than three years.
2. If you have a spouse but no kids, just half of your assets pass to your partner if you have actually been married less than 3 years.
3. If you have a partner and children, your partner will receive just one-third of your possessions. Your children receive two-thirds of your assets.
If you have a spouse and kids, your partner will just get a life estate in one-third of your land. Life estate suggests that she owns her share of the land for her lifetime. She does not can say who gets the property at her death.
Is This the Estate Plan you Want?
And, while the state of Arkansas indicates that it has tailored these intestacy laws to match the desires of many people, no client, in all of our years of practicing, has actually ever entered our workplace and requested for this estate plan. To put it simply, not one of our clients’ estate plans matches this one produced by the state.
Where to Get Help
If you desire to avoid Arkansas intestacy laws and produce your own estate plan, talk to a certified estate planning lawyer.