What happens to my estate if I die intestate?

In Arkansas, if an individual dies without an estate plan or will, they are said to have died intestate. In this situation, the estate will be distributed according to Arkansas’s intestate succession law. This law allows the estate to pass to the surviving spouse and children, or if there is no spouse, the property and assets will pass to the closest lineal descendants. If there are no surviving descendants, the assets will pass to more distant relatives, like grandparents, aunts, uncles and cousins. The court will appoint an administrator to oversee the distribution of the estate and will follow the procedures set out in Arkansas’s intestate succession law. In some cases, like if the deceased had no living relatives, their property and assets may pass to the state. The court will review the estate and determine if there are any possible recipients. If none are found, the assets will become the property of the state. This is why it is always important to create an estate plan and will. It is also important to note that if you die intestate, certain assets may be passed outside of the intestate succession law. For example, if you have accounts with a payable-on-death beneficiary, these assets will not be affected by the intestate succession law. In conclusion, if you die without an estate plan or will in Arkansas, the estate will be distributed according to Arkansas’s intestate succession law. This law allows the assets to pass to the surviving spouse and children or more distant relatives. If there are no surviving relatives, the state may take possession of the assets. This is why it is important to create an estate plan in order to protect your assets and determine who should receive them upon your death.

Related FAQs

What are the different types of estate planning documents?
How do I plan for disability or incapacity?
How should I distribute my assets if I don't have a will?
What estate planning documents must be witnessed?
What rights do my heirs have to my estate?
What is a disclaimer and how does it work?
What steps should I take to make sure my estate plan is properly executed?
What is a beneficiary designation and how does it work?
What is an estate inventory and why should I create one?
What is a last will and testament?

What happens to my estate if I die intestate?

Related FAQs

Related Blog Posts