If you do not have a will, the state of Arkansas has one for you. Here is what takes place to your assets under Arkansas intestacy laws.
Arkansas Intestate Succession for Assets Besides Land
1. If you have a spouse however no kids, all of your possessions pass to your partner if you have been married for more than 3 years.
2. If you have a spouse but no kids, only one-half of your possessions pass to your spouse if you have actually been married less than three years.
3. If you have a spouse and kids, your partner will receive only one-third of your properties. Your kids get two-thirds of your assets.
If you have a partner and children, your spouse will only get a life estate in one-third of your land. Life estate implies that she owns her share of the land for her lifetime. She doesn’t have the right 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 the majority of people, no customer, in all of our years of practicing, has ever entered our office and requested this estate plan. Simply put, not one of our clients’ estate strategies matches this one produced by the state.
Where to Get Help
If you desire to prevent Arkansas intestacy laws and develop your own estate plan, speak with a certified estate planning lawyer.