Even if you do not have a lot of property, you can benefit by developing an estate plan that picks how your property passes after you die. If you don’t set your choices out in a lawfully recognized way, Arkansas state law makes the choice for you through its laws of intestate succession. These laws are rather complex and can result in a number of different circumstances, so you ought to speak to a qualified estate planning attorney for particular advice about what might take place to your estate.
Circumstance 1: You leave behind kids, however no spouse. Let’s say you had 2 children however both are single and your marriage ended and you never ever remarried. In this circumstance, your previous partner gets no property and your 2 kids get an equivalent portion of your estate.
Scenario 2: You leave behind just a partner. If you pass away leaving a spouse but no children, your partner gets 100 percent of your estate. Nevertheless, if your marital relationship lasted less than 3 years, your spouse just takes half of your estate. The other 50 percent passes to your parents, brother or sisters or other family members depending on who lives.
Scenario 3: You pass away without an enduring spouse or kids. Let’s say you were married but never had children and you die after getting a divorce. In this scenario, 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, aunts or more far-off relations. If there are no relations, your estate passes to the state of Arkansas.