If you don’t 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 Aside From Land
1. If you have a spouse however no kids, all of your properties pass to your spouse if you have been wed for more than three years.
2. If you have a partner however no children, only half of your properties pass to your spouse if you have been married less than three years.
3. If you have a spouse and kids, your partner will receive just one-third of your possessions. Your kids get two-thirds of your assets.
If you have a spouse and kids, your partner will just receive a life estate in one-third of your land. Life estate suggests that she owns her share of the land for her life time. She does not can state who gets the property at her death.
Is This the Estate Plan you Want?
And, while the state of Arkansas suggests that it has customized these intestacy laws to match the desires of a lot of people, no customer, in all of our years of practicing, has ever entered our office and requested for this estate plan. To put it simply, not one of our customers’ estate strategies matches this one developed by the state.
Where to Get Help
If you want to prevent Arkansas intestacy laws and produce your own estate plan, consult with a qualified estate planning lawyer.