Bentonville Estate Planning Academy Episode 10: Last Will and Testament

Definitions

• Executor: Male in charge of the probate process
• Executrix: Female in charge of the probate process
• Administrator: Male in charge if there isn’t a Will
• Administratrix: Female in charge if there isn’t a Will
• Personal Representative: Modern term to replace the proceeding four terms
• Testamentary Trust: Trust created by a Will
• Holographic Will: completely hand written will

WARNING

A Last Will and Testament Alone Will Not Prevent Probate!

Drawbacks

• No lifetime protection
• Not a probate avoidance device by itself
• Requires probate to be validated
• Your Will is like a letter to the Court telling the Court how you want your property distributed
• Can’t easily put conditions on the gifts
• Can’t leave money to pets in a Will
  • You can setup a pet trust

Requirements  in Arkansas

• 18 years old or older
• Know what you have (your bounty)
• Know who you want your bounty to go to
• If typed, two witnesses
• Self proving affidavit

Hand Written Wills

Hand written wills are also called holographic wills.

§ 28-25-104 – Holographic wills generally
When the entire body of the will and the signature shall be written in the proper handwriting of the testator, the will may be established by the evidence of at least three (3) credible disinterested witnesses to the handwriting and signature of the testator, notwithstanding there may be no attesting witnesses to the will.

Advantages

• Judge already involved to settle disputes
• You decide who gets what and how much, but not exactly when
• Nominate guardians for minors
• Can use a Will to create a trust (testamentary trust)