Who Needs an Arkansas Will?
Have a few assets, a few loved-ones, and no underage kiddos? Then a simple Arkansas will may be the answer you need to leave your legal worries behind. Discover if a will is right for you by reading the article below. Our Fort Smith Wills and Trusts attorneys may point out some issues you can’t afford to miss…
What is a Will?
Wills are a popular legal tool where you can list how you want your property distributed. You can also list who you want to inherit your estate and name an executor to manage the process.
Does an Arkansas Will Have To Go Through Probate?
Because wills are so popular it’s shocking to discover that a will must go through the probate process – unlike a trust.
What Does Probate Entail in Arkansas?
Arkansas probate is the legal process that has to occur before property can be distributed according to a will. In probate, a judge puts a stamp of approval on your will and watches your executor’s every move. This ensures debts get paid, taxes get settled and appraisals get obtained. Only then will a judge authorize the distribution of property according to your will.
How Much Does Probate Cost in Arkansas?
Unfortunately, probating a will is not a cheap endeavor. Arkansas Code § 28-48-108 sets the legal fees for probating a will. The statute shows the process devours 5-10% of the gross value of an estate. This means the beneficiaries of your will won’t be able to use that money to cover college expenses, pay off debt, or invest the money for their family’s future.
How Long Does it Take to Probate a Will?
Because probate is public and mandated by the government it is painfully slow. If there are no disputes and no fights a will can be probated in as little as 225 days. And, it’s common for a probate in Arkansas to last a year or longer.
Is it Cheaper To Do a Will or a Trust?
It’s true that a will is less expensive than a trust – initially. However, you can save time, money and precious energy with a trust in the long run. The reason for this is that a properly funded Arkansas trust ensures your estate can be distributed within 30-45 days. It also ensures your loved-ones won’t have to break the bank probating a will.
How Do You Learn More About Wills and Trusts?
Remember the rules and risks discussed above are the general laws in Arkansas. If you want to learn more about wills and trusts in Arkansas you are wise to get advice specific to your needs and situation. You can take the first step to getting your affairs together the easy way by contacting Providence’s Fort Smith Wills and Trusts attorneys today at (479) 323-1555.