If you don’t have a will, the state of Arkansas has one for you. Here is what takes place to your possessions under Arkansas intestacy laws.
Arkansas Intestate Succession for Assets Besides Land
1. If you have a spouse however 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 partner however no children, only one-half of your properties pass to your partner if you have been wed less than 3 years.
3. If you have a spouse and children, your partner will get just one-third of your properties. Your children get two-thirds of your assets.
If you have a partner and kids, your partner will only 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 doesn’t 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 actually tailored these intestacy laws to match the desires of the majority of people, no customer, in all of our years of practicing, has actually ever come into our office and requested this estate plan. Simply put, not one of our clients’ estate plans matches this one produced by the state.
Where to Get Help
If you wish to prevent Arkansas intestacy laws and produce your own estate plan, seek advice from with a qualified estate planning lawyer.