Estate planning offers many benefits, including the ability to help your assets and beneficiaries avoid the probate process.
Probate can be costly, tedious and time-consuming for your loved ones. Understanding how probate works in Arkansas is essential to create an effective estate plan.
Probate in Arkansas
In Arkansas, if a person dies without a will, their estate is intestate. That means state succession laws directly impact any assets that must go through probate. Creating an estate plan lets you control the distribution of your property among your beneficiaries. In addition, Arkansas’s probate process can take months and your beneficiaries might lose money while administering your estate.
You should also review the simplified probate procedures available in Arkansas. Smaller estates are eligible for a process called distribution without administration, which can be more affordable and simpler than standard probate.
Estate planning tips
It is important to understand the various methods for keeping your property out of probate. First, you can use transfer-on-death designations for certain assets like bank accounts, real estate and vehicles. This means these assets automatically transfer ownership to your designated beneficiaries after your death. You can also create a living trust to protect your estate from probate and taxation and facilitate its transfer. Finally, if you are married and own your home, consider establishing joint ownership of your property with your spouse.
Arkansas has distinct succession laws that impact the administration of estates that undergo probate. Therefore, to help your beneficiaries avoid unnecessary expenses and difficulties, you should create a will and estate plan.