Even if you don’t have a lot of property, you can benefit by developing an estate plan that selects how your property passes after you pass away. If you don’t set your options out in a legally recognized way, Arkansas state law makes the decision for you through its laws of intestate succession. These laws are rather complicated and can lead to a variety of various circumstances, so you should talk to a competent estate planning lawyer for specific recommendations about what may take place to your estate.
Circumstance 1: You leave children, however no spouse. Let’s say you had two kids however both are unmarried and your marital relationship ended and you never remarried. In this scenario, your former spouse receives no property and your 2 children get an equivalent portion of your estate.
Scenario 2: You leave just a spouse. If you pass away leaving a spouse but no children, your partner gets one hundred percent of your estate. However, if your marital relationship lasted less than 3 years, your spouse just takes 50 percent of your estate. The other 50 percent passes to your moms and dads, brother or sisters or other family members depending upon who lives.
Scenario 3: You die without an enduring partner or children. Let’s state you were married however never had kids and you die after getting a divorce. In this circumstance, your moms and dads stand to inherit your property. If your moms and dads are no longer living, your property passes to your closest family members, be they brother or sisters, uncles, aunties or more far-off relations. If there are no relations, your estate passes to the state of Arkansas.