Even if you do not have a lot of property, you can benefit by producing an estate plan that selects how your property passes after you die. If you do not set your options out in a lawfully acknowledged manner, Arkansas state law makes the decision for you through its laws of intestate succession. These laws are quite complex and can cause a variety of different situations, so you must talk with a certified estate planning lawyer for specific recommendations about what might occur to your estate.
Scenario 1: You leave kids, but no partner. Let’s say you had 2 kids however both are unmarried and your marital relationship ended and you never remarried. In this circumstance, your previous spouse receives no property and your two kids receive an equivalent portion of your estate.
Scenario 2: You leave behind just a spouse. If you pass away leaving a partner however no kids, your spouse receives one hundred percent of your estate. If your marital relationship lasted less than 3 years, your spouse only takes 50 percent of your estate. The other half passes to your moms and dads, brother or sisters or other family members depending on who lives.
Scenario 3: You die without an enduring spouse or kids. Let’s say you were married however never ever had kids and you die after getting a divorce. In this scenario, your moms and dads stand to inherit your property. If your parents are no longer living, your property passes to your closest loved ones, be they siblings, uncles, aunts or more remote relations. If there are no relations, your estate passes to the state of Arkansas.