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Browse our 2 legal questions about Estate Planning in United States and the lawyer answers, or ask your own questions for free.
Estate planning in Arkansas involves preparing and organizing your assets, properties, and personal affairs during your lifetime to ensure a smooth and controlled transfer of your estate after your death or incapacitation. It includes creating legal documents such as wills, trusts, powers of attorney, and advance directives. The main goal is to protect your assets, plan for your loved ones, minimize taxes, avoid probate when possible, and make sure your wishes are followed. Estate planning is not limited to the wealthy - anyone who owns property or has dependents can benefit from properly planning their estate in Arkansas.
Although some basic estate planning documents are available online, many situations require the experience and advice of a skilled attorney. Common scenarios where legal help is strongly recommended include:
Estate planning in Arkansas is governed by state-specific laws that affect how wills, trusts, and other arrangements are prepared and executed. Some important points of Arkansas law include:
If you die without a will, known as dying intestate, Arkansas law determines how your property is distributed. Assets generally pass to your closest relatives, with spouses and children having priority. The exact order and share depend on your family situation.
Yes, Arkansas recognizes holographic (handwritten) wills if they are entirely in your handwriting and signed by you. However, it is generally safer to have a formally prepared will with witnesses to avoid disputes and challenges in probate.
A will does not have to be notarized to be valid in Arkansas. However, adding a notarized self-proving affidavit can speed up probate and make it easier to prove the will's validity.
Some common probate avoidance strategies include titling property with rights of survivorship, naming beneficiaries on financial accounts, and creating living trusts. Consulting an attorney can help you choose the best methods for your situation.
A living trust is a legal arrangement where you transfer ownership of your assets to a trust during your lifetime. You control the trust as trustee and name someone to manage or distribute assets after your death. Trusts can help avoid probate and provide more privacy for your estate.
Any competent adult or institution such as a bank can serve as executor. It is common to choose a trusted relative, friend, or professional. The court will appoint someone if you pass away without naming an executor.
Arkansas does not have a state estate or inheritance tax. However, large estates may still be subject to federal estate taxes, though most estates fall below the federal exemption threshold.
You should review your estate plan after major life changes such as marriage, divorce, the birth or adoption of a child, significant changes in assets, or moving to a new state. It is also a good idea to review your documents every few years.
You can generally disinherit a child by stating so in your will. However, Arkansas law protects spouses from complete disinheritance by guaranteeing them an elective share of the estate, regardless of the will's terms.
A power of attorney lets you appoint someone to handle your finances or make medical decisions for you if you become incapacitated. Without one, your family may need to go to court for authority to act on your behalf.
If you need more information or assistance regarding estate planning in Arkansas, consider these resources:
If you are ready to start or update your estate plan, here are some actions you can take:
