Five Things People in Arkansas Should Know About Making Their Last Will and Testament.
There are a few Things people in Arkansas should know about making their last will and testament before executing the required documents:
First, you need to decide who your beneficiaries will be.
While most states require your spouse to be included as a beneficiary of your estate, when it comes to your children, grandchildren and other family members, under Arkansas law you’re free to include or exclude whomever you choose. In addition, under Arkansas’s inheritance laws you can also name a charity, such as your church or a local shelter, as a beneficiary.
Second, you should determine what assets each of your beneficiaries will inherit from your estate.
In making this determination, keep in mind personal belongings, such as jewelry, collectibles, antiques, and pets, as well as assets, such as bank accounts, stocks, bonds, and real estate can be distributed differently under your will. Using SimplyWilled.com you can make specific gifts of cash, real estate, business assets, and specific assets. In addition, you can determine how you would like the residuary of your estate distributed.
Third, you need to nominate a guardian to be responsible for taking care of your minor children until they become adults.
In Arkansas, the selection of a guardian for minor children is an important decision. The person you select should hold the morals and values you would like your children to be raised in the event that you pass. Using SimplyWilled.com you can select a primary guardian for minor children as well as a secondary guardian for minor children so your children are protected.
Fourth, you need to decide what will happen to your remains after your death.
Under the law, you can specify whether you would like to be cremated, buried or allow your family to make the decision for you. If you have already purchased a funeral plot at a cemetery you can specify these instructions.
Fifth, you need to appoint someone to be executor/personal representative of your estate.
The executor is the person you nominate to be in charge of settling your final affairs, such as paying bills, and taxes, administering your probate estate and carrying out your final wishes. Using SimplyWilled.com you can select a primary personal representative as well as a secondary personal representative for your estate. In addition, our cloud-based system will allow you to send an automated notification to your primary and secondary personal representatives notifying them that you have selected them as fiduciaries of your estate.
Once you make these important decisions, use SimplyWilled.com to finalize your last will and testament. For more information regarding Things people in Arkansas should know about making their last will and testament, check out our blog.