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Even if you don't have a lot of property, you can benefit by creating an estate plan that chooses how your property passes after you die.
Dying Without a Will in Arkansas – 3 Scenarios Even if you don't have a lot of property, you can benefit by creating an estate plan that chooses how your property passes after you die. If you don't set your choices out in a legally recognized manner, Arkansas state law makes the decision for you through its laws of intestate succession. These laws are quite complicated and can lead to a number of different scenarios, so you should talk to a qualified estate planning attorney for specific advice about what might happen to your estate. Scenario 1: You leave behind children, but no spouse. Let's say you had two children but both are unmarried and your marriage ended and you never remarried. In this situation, your former spouse receives no property and your two children receive an equal portion of your estate. Scenario 2: You leave behind only a spouse. If you die leaving a spouse but no children, your spouse receives 100 percent of your estate. However, if your marriage lasted less than three years, your spouse only takes 50 percent of your estate. The other 50 percent passes to your parents, siblings or other relatives depending on who is alive. Scenario 3: You die without a surviving spouse or children. Let's say you were married but never had children and you die after getting a divorce. In this scenario, your parents stand to inherit your property. If your parents are no longer living, your property passes to your closest relatives, be they siblings, uncles, aunts or more distant relations. If there are no relations, your estate passes to the state of Arkansas. Experienced estate planning attorneys Fayetteville AR of the Deborah Sexton Law Office PA offers estate planning and business planning resources to residents of Fayetteville AR. To learn more about these free resources, please visit http://www.arkansas-estateplanning.com today.
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