Arkansas Last Will and Testament

Every adult needs to do at least some estate planning, even while young and healthy. In many cases, a will is a key part of an estate plan. Specifically, wills are an important planning tool for those who want to make sure that their wishes are formally and legally documented by specifying how their estate should be managed and distributed after they die. Those with one or more minor children should also consider creating a will to make sure that they have identified contingency plans for the custody of their children in case both parents die prematurely.

Creating your own will is legally permissible, but not advisable. Each state enforces unique legal requirements for valid wills. While an attorney is not mandatory, professional assistance is strongly recommended to ensure your will is enforceable and accurately reflects your wishes. Using expert services can help you navigate state-specific laws, avoid costly mistakes, and provide peace of mind that your final wishes will be honored 

Wills are governed by state law. In most states, you can disinherit a child, but you cannot completely disinherit a spouse. One of the reasons someone may choose to create a will is to document his or her wishes for distributing assets unevenly among named beneficiaries or completely disinheriting someone altogether. If you choose to disinherit a relative, it is a good idea to ensure that your will includes language confirming that any omissions are intentional and are not the result of a mistake. This can help avoid litigation brought by someone who felt they should have inherited a share of your estate.

Yes. One of the primary reasons many young parents decide to create a will is to plan for the worst-case scenario by nominating someone to have physical custody of their minor child or children in the event of the parents’ premature deaths. If you decide to nominate a guardian in your will, it is recommended that you discuss your wishes with the person you want to name ahead of time. Becoming a legal guardian for someone else’s child is a big responsibility. You may also want to name one or more successor guardians if the first named person declines or is not able to serve in that role for your children.

Yes; all states are required to recognize and uphold wills from other states. However, local state laws may affect how your estate is treated. For example, property may be treated differently when moving from a community property state to a common law property state. If moving abroad, there are no guarantees that your last will and testament will remain valid. When moving, it is recommended that you seek advice on the impact it will have on your estate plan.

When you purchase a life insurance policy or annuity contract, or when you open a 401(k), IRA, or other retirement account, you will generally be asked to designate one or more beneficiaries for the policy or account. Your named beneficiaries will inherit by contract, which means that those assets will not pass through your last will and testament. In some cases, people want to make sure all of their assets pass according to the terms of their will. In those cases, naming “my estate” as the beneficiary will accomplish that goal. However, because of the complexities surrounding tax laws when retirement dollars flow through a will, you may wish to consult a tax advisor or accountant before designating your estate as your retirement plan beneficiary.

You are free to update your will at any time. In fact, it is highly recommended that you review your will periodically to ensure that it still echoes your wishes and reflects the contents of your estate. There are two ways to change your will. Firstly, for minor changes, you can make a document called a codicil. This document will state the changes you wish to make and will be attached to your will. Alternatively, you can make a new will if you need to make more extensive updates. It is always a good idea to destroy all copies of any old wills and to notify the relevant people.

In the event your will needs to go through a probate court proceeding, having the original document may make that process easier for your nominated personal representative or executor. Therefore, it is important that he or she is able to access the document. Your will is an important legal document, so keep it in a safe place. This can be a safety deposit box if someone else knows it is there and has authorization to access the box at the bank or other financial institution. Keeping your executed will in a home safe, fire-proof box, or another place inside your home can also be effective, as long as your personal representative or executor knows where to find it. Generally, there is no need to file or register your will with any state or county government authority, although some jurisdictions allow people to file their wills for safekeeping for only a nominal fee.