Do I Need a Will?
The short answer is that you may not need a will.
Your property will be passed on to your heirs, even if you do not have a will. Arkansas has laws in place to ensure the transfer of real and personal property once you die. (See this article for how property transfers as a matter of law.) However, what a will does for you, and your family, is help ensure your estate is handled the way you wish.
Please note: A will, alone, will NOT prevent your loved ones from having to deal with the probate system after your death. To learn more about your options, call an experienced estate planning attorney in your state.
But, I am young and broke!
Most people don’t want to think about their death and many people do not like to discuss these things with family. Millennials often feel they are too young or don’t have enough property to need a will. Yet, the easiest thing for your family, and the best way to ensure your wishes are known, is to have a will.
Won’t my wife get everything?
No. If you are married and have children (even grown children), Arkansas law prevents your spouse from automatically inheriting all of your property. The ONLY way to ensure your spouse gets your entire estate is through a correctly executed will, or other estate plan.
When someone dies in Arkansas without any type of estate plan in place, property sometimes passes equally to a “class.” That means if you have three children, your car may pass to all three equally. Now, they have to decide what to do with it. At a time when your loved ones are mourning your loss, the last thing they should have to worry about is what to do with your possessions.
Who GETS Great Aunt Matilda’s crystal?
With a will or estate plan, you can specifically decide (and limit) who has a right to inherit and how much they may receive.
What happens if you want something to pass to a brother or sister? When you have children, a spouse, or surviving parents, your siblings do not inherit under Arkansas law. Without an estate plan in place, your siblings may never receive that treasured memento you want them to have.
Special Needs = special considerations
Lastly, you may not WANT one of your children to inherit your property. When a child (even a grown child) has special needs and receives benefits from the government, inheriting property after your death may create problems with these benefits. In some cases, the benefits are lost completely.
For these reasons, and many more, we highly recommend you have a will, at the very minimum. In many cases, a more comprehensive estate plan will better protect your family’s privacy and inheritance, as well as your peace of mind. Please feel free to call us. We can sit down and discuss your estate planning concerns and help select a path that is best for you.
Originally published: October 2, 2017
Last updated: March 7, 2019 at 9:44 am
If you need assistance with your estate plan in Arkansas, please contact The Hardin Law Firm, PLC, or an experienced estate planning attorney in your state.
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