What Happens If You Die Without A Will In Arkansas?

Introduction

You probably don’t want to think about it. What happens to my family if I don’t come home? If you die without a will, or a valid estate plan in place, then the State of Arkansas could (probably will) end up deciding who gets what you have and how much. This could mean that your family is not taken care of the way you want. You don’t need to let this happen.

Probate in Arkansas Without a Will

We all have belongings that are important to us, both emotionally and financially. This includes your home and other real estate. If you don’t have a will or estate plan, the distribution of these assets will be determined by the state.

Factors Determining Asset Distribution

In Arkansas, without a will, the distribution of your assets will be pretty straightforward, based on these factors:

• Whether you’re married
• Whether you have children
• If you have children from a previous relationship
• Whether your parents are alive
• Whether you have any living siblings

Your answers to these questions will determine who gets your assets when you die without a will.

Expensive and Lengthy

Probate (with or without a Will) takes at least 8 months and will cost 3% to 6% of the gross value of what you left.

Arkansas Intestate Succession Laws

In Arkansas, your assets will automatically be distributed to your closest relatives under what are called the state’s “intestate succession” laws. There’s no room for personal wishes, like leaving sentimental items to a friend or making a donation to a charity. These laws are designed to distribute your assets to those who have the closest connection to you.

Under the law, your spouse gets only a portion and your children get the remainder. This portion is 1/3rd lifetime ownership in the real estate and 1/3rd of the money outright. Your spouse won’t be able to sell real estate without all the children signing.

The rest goes to your children.

What If I Want Everything to Go to My Spouse?

If you don’t have a legal will when you die, your assets may or may not go to your spouse, depending on your family situation. Even in simple cases, you will have to go to court and likely need to hire an attorney. As you can see, not having a will can become expensive.

See the last section for an explanation.

Conclusion

Take the time to prepare for your family’s future by creating a will and a complete estate plan with an experienced attorney. Your future and the future of your family are our business. Proper planning can transform your worries into confidence and control over how your assets are managed and distributed.

By taking action now, you can ensure that your family is taken care of according to your wishes, providing you with peace of mind.